The National Bank of Rwanda has issued a public warning over the growing spread of social media promotions encouraging the use of the Rwandan Franc (FRW) to buy and sell crypto-assets, often with promises of unusually high returns.
In a statement on X, the central bank emphasized that under Rwanda’s current legal and regulatory framework, the Rwandan Franc remains the country’s only recognized legal tender. Authorities cautioned that crypto-assets are not legally accepted as a means of payment and cannot be used in everyday transactions within the country.
The bank further clarified that financial institutions licensed by the central bank are strictly prohibited from converting FRW into crypto-assets or facilitating the reverse. This restriction extends to all forms of crypto-related transactions involving the local currency, including peer-to-peer (P2P) trading.
“Any use of crypto-assets to purchase goods and services in Rwanda is not allowed,” the statement noted, adding that acting as a merchant or intermediary in P2P crypto trading involving FRW is also unauthorized.
The warning comes amid a noticeable rise in online campaigns targeting Rwandans with investment opportunities tied to digital currencies. Many of these promotions promise high and rapid returns, raising concerns among regulators about potential scams and financial losses.
The central bank urged the public to exercise caution and avoid engaging in any crypto-related transactions involving the Rwandan Franc. It stressed that such activities carry significant financial risks and currently fall outside the protection of Rwanda’s financial regulatory system.
“Until a comprehensive regulatory framework is established, anyone engaging in such transactions does so entirely at their own risk,” the bank said.
The National Bank of Rwanda reiterated its commitment to safeguarding financial stability and protecting consumers, while continuing to monitor developments in the evolving global digital asset landscape.
