Rwanda's central bank has issued a decisive regulatory blow, shutting down Bybit's P2P crypto gateway after the exchange ranked persistently low in the nation's adoption metrics. The move signals a continued restrictive stance, aiming to maintain controlled crypto growth within the East African economy.

A Quick Expansion, A Quicker Response

When the crypto exchange added the Rwandan franc to its peer-to-peer trading platform last Friday, it took the National Bank of Rwanda just two days to respond.

The central bank posted a firm warning on X on Sunday, telling the public that using the local currency to buy or sell crypto remains against the law.

“Crypto-assets are NOT authorized for payments, FRW conversion, or P2P trading involving FRW under the current framework,” the bank wrote.

Officials urged citizens to stay away from crypto, citing serious financial risks and no legal protection if money is lost.

Please be reminded that the Rwandan Franc (FRW) is the only legal tender in #Rwanda.

Crypto-assets are NOT authorized for payments, FRW conversion, or P2P trading involving FRW under the current framework.

The public is urged to avoid such transactions due to serious financial… https://t.co/elY0cht67h

— Central Bank of Rwanda (@CentralBankRw) April 5, 2026

Bybit had announced the addition on X, saying users could now use the Rwandan franc through its P2P service to trade for crypto. No statement has been issued by the exchange in response to the central bank’s warning.

RWF is now live on Bybit P2PBuy and sell crypto using Rwanda Franc, unlock exclusive rewards as a new user, and start earning as a merchant with bi-weekly commissions. Trade more, earn more!

— Bybit (@Bybit_Official) April 3, 2026

Central Bank Draws A Hard Line On The Franc

The National Bank of Rwanda made its position plain in a second post on the same day. The franc, officials said, remains the country’s only legal currency. Licensed financial institutions in Rwanda are barred from converting the franc into crypto or the other way around.

That prohibition has been in place since 2018, when Rwanda first began restricting crypto activity — part of a broader effort to protect its financial system and keep control over how money moves inside its borders.

Rwanda is also building its own state-backed digital currency. The e-franc rwandais is currently in a proof-of-concept phase and could move into a pilot program. That project appears to be one reason authorities are drawing a sharp line between state-controlled digital money and private crypto platforms.

The picture is not entirely closed for crypto operators in Rwanda. In March, the country’s Capital Market Authority released a draft bill that would create a legal path for virtual asset service providers to apply for licenses and operate under official supervision. The bill is still working its way through the legislature.

Under the proposed rules, crypto could not be used as legal tender. Mining operations and mixer services would be banned. So would any token tied to the Rwandan franc. But companies that meet the licensing requirements could, for the first time, legally offer services in the country.

Featured image from Pexels, chart from TradingView