CandleFocus Rwanda Preparing to Regulate Cryptocurrencies: 'Cannot Get Rid of Them,' Says Governor
2024-11-27
Author: Content Editor
Rwanda is planning to implement regulations for cryptocurrencies in early 2025, according to the governor of the National Bank of Rwanda. The regulations are expected to be established pending an agreement between the central bank and the Capital Market Authority. This marks a shift from the previous stance of the National Bank of Rwanda, which had directed banks to cease facilitating cryptocurrency-related transactions due to the unregulated nature of many assets. The governor acknowledged the concerns about volatility but also recognized that some have profited from cryptocurrency trading. Despite advising residents to avoid dealing with cryptocurrencies, the governor highlighted that regulations are necessary to control their use in the country.
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