The National Bank of Rwanda has warned the public against using the local currency for crypto transactions after Bybit introduced support for the Rwandan franc on its P2P platform. The central bank emphasized that such activities remain illegal under current regulations.
- The National Bank of Rwanda warned against using the local currency for crypto transactions after Bybit added support for the Rwandan franc on its P2P platform.
- Crypto transactions involving the Rwandan franc are explicitly prohibited under current regulations, according to the central bank.
- Rwanda is developing a central bank digital currency (e-franc rwandais) in the proof-of-concept stage.
- The country has restricted crypto activities since 2018 to preserve monetary sovereignty.
- A proposed regulatory framework aims to govern virtual asset service providers while banning crypto as legal tender and certain activities like mining and mixer services.
- Blockchain data shows Rwanda's crypto adoption is lower than in countries like Nigeria and South Africa.
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