Rwanda's Central Bank Warns Against FRW-Based Crypto Payments Amid New Regulations

Rwanda's central bank has issued a warning against using the Rwandan Franc (FRW) for cryptocurrency payments and peer-to-peer trading following the listing of FRW on Bybit's platform. According to NS3.AI, this caution comes as a draft law proposes fines of up to 30 million FRW for unlicensed Virtual Asset Service Provider (VASP) operators. The Rwandan Cabinet approved the bill on March 4, 2026, and the Chamber of Deputies passed its general principles on March 31, with committee reviews still ongoing. In addition to regulatory measures, the National Bank of Rwanda (BNR) is conducting a 12-month domestic pilot for its Central Bank Digital Currency (CBDC), the e-FRW, after completing a proof-of-concept in February 2026. This initiative reflects Rwanda's cautious approach to integrating digital currencies within its financial system while ensuring regulatory compliance and consumer protection.