NBR Blasts Bybit’s P2P Crypto Trading Platform Over Financial Risks

The central bank of Rwanda, known as the National Bank of Rwanda (NBR), has cautioned its people not to engage in the country’s peer-to-peer (P2P) cryptocurrency platform Bybit, which recently started supporting transactions in the Rwandan franc (FRW).

In a statement, the central bank of Rwanda (NBR) reiterated that the use of cryptocurrencies for payments and trading with the local currency is still considered illegal within the country. Among the reasons cited were “the serious financial risks involved and the lack of any recourse in case of loss.”

Regulation Issues

The warning from the central bank of Rwanda coincides with Rwanda’s efforts to bolster its financial system and maintain control over its currency. Since 2018, the central bank has not been very enthusiastic about cryptocurrencies and has even banned their use.

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

This has been one of the regulatory attempts to license virtual asset service providers while also safeguarding the public from the risks that are often associated with crypto trading.

Also Read: KuCoin Secures Exclusive Spot in Nigeria’s Crypto Oversight Pilot, Signaling Regulatory Shift

Impact on Crypto Adoption

NBR’s stance on crypto reflects its low adoption rates when compared with other African countries. According to Chainalysis, the amount of crypto transacted in Rwanda is only a small part of what more crypto-friendly countries like Nigeria and South Africa handle.

NBR’s regulator for capital markets has issued a draft regulation targeting virtual asset service providers with the goal of encouraging “responsible innovation” alongside consumer protection.

Also Read: Bybit Expands RWA Market With Yield-Bearing Tokenized Gold

Rwanda’s Crypto Caution

Rwanda’s central bank has warned citizens against using Bybit’s P2P crypto platform, citing financial risks and lack of recourse. This move reflects Rwanda’s cautious approach to crypto, prioritizing consumer protection and regulatory oversight.

As the country seeks to strengthen its financial system, crypto service providers must adapt to evolving regulations. Rwanda’s stance may serve as a model for regulated crypto growth in emerging markets, balancing innovation with protection.

Also Read: Market Manipulation Crackdown: 10 Crypto Fraudsters Busted in Massive Scheme