Rwanda Says Crypto Trade With Its Currency Is Illegal

The National Bank of Rwanda (NBR) told people on social media that buying, selling or paying with crypto using the Rwandan franc (FRW) is not allowed. The warning came after a popular crypto app announced that users could trade FRW on its peer‑to‑peer platform. The central bank posted a short message that crypto assets cannot be used for payments, conversion or trading in FRW. It urged citizens to stay away from crypto because it can cause serious financial loss and there is no way to recover money if something goes wrong. The NBR’s statement followed a tweet from the crypto exchange that said FRW could be used to buy or sell digital coins on its service. The bank also reminded that FRW is the only legal money in Rwanda and that any licensed financial institution must not turn it into crypto or back again.Rwanda has been working on a digital version of its currency, called the e‑franc rwandais. The project is still in a test phase and may become a pilot later this year. The country has tightened rules on crypto for years to keep control over its money system and protect people from risky new technologies. In March, Rwanda’s Capital Market Authority released a draft law to regulate crypto services. The bill would forbid using crypto as legal tender, stop mining and certain mixing services, and ban tokens tied to the FRW. It also offers a licensing path for crypto providers that want to operate under supervision. According to blockchain data, Rwanda is one of the least active crypto markets in Africa for 2024 and 2025. People there use only a small share of the digital money that is common in places like Nigeria or South Africa.