Bybit’s P2P Crypto Gateway In Rwanda Gets Axed
Bybit has ranked low in Rwanda’s crypto adoption figures — and the country’s central bank wants to keep it that way. Related Reading: Crypto Hacks Dropped Sharply In Early 2026, But Experts Say The Threat Isn’t Going Away A Quick Expansion, A Quicker Response When the crypto exchange added the Rwandan franc to its peer-to-peer […]
Bybit’s P2P Crypto Gateway In Rwanda Gets Axed
In a swift turn of events, Rwanda’s central bank has taken a firm stance against Bybit, a crypto exchange, after the company announced the addition of the Rwandan franc (FRW) to its peer-to-peer (P2P) trading platform. The National Bank of Rwanda (NBR) issued a stern warning just two days after Bybit’s announcement, reminding the public that using the local currency for crypto transactions is illegal.
Bybit had excitedly shared on Twitter that users could now trade crypto using the Rwandan franc through its P2P service. The exchange highlighted the benefits of using the local currency, including exclusive rewards for new users and bi-weekly commissions for merchants. However, the NBR’s response was immediate and uncompromising.
In a tweet on April 5, 2026, the central bank clarified that crypto-assets are not authorized for payments, FRW conversion, or P2P trading involving the local currency. Officials emphasized that the Rwandan Franc is the only legal tender in the country and urged citizens to avoid engaging in such transactions due to significant financial risks and the lack of legal protection in case of losses.
The NBR reiterated its stance in a follow-up tweet, stating that licensed financial institutions in Rwanda are prohibited from converting the franc into crypto or vice versa. This restriction has been in place since 2018, when Rwanda began implementing strict regulations on crypto activities. The central bank’s actions underscore its commitment to maintaining financial stability and protecting the public from potential dangers associated with crypto trading.
Bybit has not yet responded to the central bank’s warning, but the company’s ambitious plans to expand its P2P services using the Rwandan franc now face a significant hurdle. The NBR’s clear directive serves as a reminder of the challenges crypto exchanges face in navigating the regulatory landscape of different countries.
Rwanda’s approach to crypto regulation is reflective of a broader trend among African nations, which have been cautious in adopting cryptocurrencies. While some countries have embraced the technology, others, like Rwanda, have chosen to prioritize financial stability and consumer protection. The clash between Bybit’s expansion and the NBR’s regulatory measures highlights the delicate balance that crypto companies must strike when operating in regions with strict financial regulations.
In the aftermath of the central bank’s warning, it remains to be seen whether Bybit will withdraw its P2P services using the Rwandan franc or find a way to comply with local regulations. Meanwhile, the NBR’s swift action underscores its determination to safeguard the financial system and the interests of Rwanda’s citizens in the evolving crypto landscape.
