The National Bank of Rwanda’s acting governor Soraya Hakuziyaremye suggested that the prohibition would help to ensure 'efficient and sound financial services.' cryptoassets financialstability
According to the National Bank of Rwanda, the country’s regulated financial services providers are now prohibited from facilitating crypto-related transactions. In her Jan. 31 letter justifying the decision, the acting governor Soraya Hakuziyaremye cites the unregulated status of most crypto assets and how this leaves users without the “guarantees and safeguards associated with regulated financial services.
“Although crypto asset activities are still limited and therefore, do not pose substantial risks to [the] financial and monetary system of Rwanda, the NBR is concerned about the involvement of the financial institutions in crypto activities,” Hakuziyaremye said. Crypto-Related Activities Lack ‘Guarantees and Safeguards Associated With Regulated Financial Services’
In the Jan. 31 letter, the acting NBR governor cites the unregulated status of most crypto assets and how this leaves Rwandese users without the “guarantees and safeguards associated with regulated financial services.” The letter also points to how crypto investors elsewhere have been defrauded by scammers like
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