How to Buy Cryptocurrency in Rwanda
Buying cryptocurrency in Rwanda
Despite the growing popularity of cryptocurrencies, certain governments are skeptical when it comes to accepting them as legal payment methods. Such attitudes are understandable, considering the volatile nature of cryptocurrencies and their long track records of illegal transactions and scams. This is also a major concern for Rwanda’s central bank. So, it’s only expected for Rwanda to investigate the details and benefits of developing a stable and regulated cryptocurrency. According to BNN Bloomberg’s report, the National Bank of Rwanda (NBR) is looking into research on digital currencies conducted by the Royal Bank of Canada, De Nederlandsche Bank (DNB) and the Monetary Authority of Singapore. Peace Masozera Uwase, the Financial Stability director-general, reportedly stated that conversion is a major concern for the central bank. Several months before this report, the central bank had issued a warning about cryptocurrency scams, listing several known scams within the country and providing investment protection tips.
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from Rwanda. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Bybit
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options