Rwanda Stands Firm on Crypto Ban Amid Bybit's Franc Support

Rwanda has maintained a restrictive stance on cryptocurrencies since 2018, with policymakers framing it as part of an effort to protect financial stability and preserve confidence in the local currency.

The central bank's statement reiterates that the Rwandan franc remains the country's only legal tender and emphasizes that financial institutions under its supervision are prohibited from facilitating conversions between the franc and crypto-assets.

Regulators also stressed that foreign crypto platforms integrating the franc into trading services could bypass existing safeguards, creating informal channels that operate outside regulatory oversight.