The National Bank of Rwanda issued a warning against cryptocurrency exchange Bybit after the platform added the Rwandan franc to its peer-to-peer trading service without obtaining regulatory approval. Bybit's P2P platform now allows users to trade the Rwandan franc for cryptocurrencies, a move the central bank considers unauthorized. The warning highlights ongoing tensions between cryptocurrency exchanges expanding into African markets and local financial regulators seeking to maintain control over their national currencies and financial systems. This case exemplifies the regulatory challenges faced by central banks as crypto platforms increasingly offer fiat-to-crypto trading pairs without prior authorization.
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