It is, therefore, no surprise that the government of Rwanda is studying and considering the economic, financial and technological aspects related to CBDC or Central Bank Digital Currency.
Cryptocurrency has much potential for people in Rwanda as a means of payment, source of income, and investment. This article shows how you can safely and conveniently buy cryptocurrency anywhere in Rwanda.
The State of Cryptocurrency Adoption in Rwanda
Crypto adoption has grown over the years in Rwanda as more people learn about the potential of cryptocurrencies and how they can improve the economy.
According to Cointobuy’s analysis, Rwanda has a 0.9/10 safety rank in position 238 out of 249 countries for cryptocurrency activities, which is why this article is essential.
The National Bank of Rwanda (NBR), when describing cryptocurrency in 2018, said, "Anyone who gets involved in the business of buying and selling digital money will do it at their own risk." This shows that while crypto is not illegal in the country, it is not yet regulated by the government.
However, since 2019 the National Bank of Rwanda (NBR) has been studying the development of its digital currency to hasten regulation and adoption for citizens’ benefit.
Factors Driving Cryptocurrency in Rwanda
Below are the most significant factors driving cryptocurrency adoption in Rwanda;
Gaps in Financial System:
Rwandans deal with high transaction costs, high-interest rates, sluggish transaction processing, and inflation. These financial difficulties have proven difficult for the current system to handle, and bitcoin offers a solution to these problems.
Due to African countries’ unstable economic and political conditions, traditional currencies face inflation. The Rwandan Franc is equally liable to devaluation, making stablecoins the best alternative to hedge inflation. Rwandans can also hold their funds in bitcoin and earn a passive income from its price gains.
Rwanda’s financial economy has continued to expand as more people become sensitised about the potential of Bitcoin and gradually inculcate it into the economy. That is why Yellow Card stands out by providing education about cryptocurrency for Rwandans through our free and detailed Yellow Card Academy.
Access to Mobile Phones:
A critical number driving cryptocurrency adoption in Rwanda is the mobile phone penetration index within the country. With more citizens able to control their financial assets, new technologies like blockchain can thrive. Any internet-connected device can use bitcoin from the comfort of your home.
Alternative Investment Method:
Most cryptocurrencies have limited supply and, therefore, will increase in value over time. The Bitcoin price history has clearly shown that bitcoin has increased over the past few years, making many consider it an alternate financial investment asset.
Studies have shown that customer trust directly affects their intention to adopt new technology. The blockchain technology upon which cryptocurrencies exist has proved safer than traditional systems. Also, it provides transparency since all transactions are published in a public ledger for all network users to read.
Where To Trade Cryptocurrency in Rwanda At The Best Rates
Different cryptocurrency exchanges trade Bitcoin in Rwanda, but only a few provide a safe place, as you will find on Yellow Card.
Yellow Card has the characteristics that a good exchange should have, which attracts many users across Africa. Among them are the following:
Zero Trading Fees:
Yellow Card allows you to buy and sell bitcoin and other cryptocurrencies at zero fees.
As previously stated, security is critical, and Yellow Card maintains a high level of security on the platform to prevent fraud and loss of funds. The platform also has an OTP and Two Factor Authentication system enabled to keep you secured.
The Yellow Card platform is mobile-friendly and straightforward to complete transactions on time. Delays in crypto trading can result in missing profits or taking losses, which Yellow Card prevents.
If you’re wondering if you can use your Yellow Card to buy bitcoin in Rwanda, the answer is yes. The Yellow Card brand currently operates in over 16 African countries, allowing you to sell and buy bitcoin in your local currency.
Multi Payment Options
Yellow Card accepts local currency, SPENN and Mobile Money as payment methods to sell and buy bitcoin in Rwanda.
Yellow Pay is another payment method from Yellow Card that allows the transfer of funds from one user to another in their local currency across all Yellow Card regions.
High Liquidity Transaction Services:
OTC trading is a specialised trading arrangement that allows you to trade high-volume assets over $50,000 outside the regular exchange. All Yellow Card regions have OTC trading desks in operation at excellent prices and rates.
How To Buy Cryptocurrency In Rwanda
Yellow Card allows you to deposit RWF and buy cryptocurrencies such as bitcoin and Bitcoin on their platform using payment options such as SPENN and Mobile Money
Follow the steps below to get started:
Sign up on Yellow Card.
Signing up on Yellow Card is easy, quick and free. All you have to do is visit the website at Yellowcard.io or download the mobile app available on the Google play store and App store.
2. Deposit RWF
On your dashboard, select deposit and choose the Mobile Money (MoMo) option.
Indicate the amount you want to deposit and confirm the transaction. Your RWF wallet will be credited once the deposit is confirmed.
Momo in Rwanda
- From your dashboard, select Deposit.
- Under the payment method, select SPENN.
- Confirm that you have a SPENN account. (Please keep in mind that to use SPENN on Yellow Card, you must have a SPENN account).
- Enter your mobile number registered with SPENN.
- Indicate the amount you wish to deposit and click on the “Review and Confirm” button.
- Open your SPENN mobile app and confirm the deposit requested by Yellow Card Rwanda.
- Your Yellow Card account will be credited instantly with the deposited amount.
3. Buy Bitcoin:
Once your account has been funded, you can buy Bitcoin instantly. Select the "Buy Bitcoin" option in your dashboard and input the amount of bitcoin you want. Confirm the transaction. That’s all! You have successfully bought Bitcoin, and your Bitcoin wallet will be credited with the amount.
4. Buy USDT:
Yellow Card allows you to buy and sell USDT at the best possible price in Rwanda. This is very helpful for those who want to save in dollars in the country as USDT or Tether is a crypto stablecoin backed by the US dollar and does not have sharp price movements like bitcoin.
How To Sell Bitcoin and Withdraw RWF on Yellow Card
You can sell your cryptocurrency at the cheapest rate on Yellow Card and receive RWF instantly.
Here’s how to sell bitcoin and withdraw RWF:
- Log in to your dashboard and click on the “sell” button
- Indicate the amount of Bitcoin you would like to sell
- Confirm the transaction; your RWF wallet will be credited with the amount of Bitcoin sold. You can now proceed to withdraw.
- Tap the “Withdraw” option on your dashboard
- Indicate the amount you wish to withdraw from your Yellow Card account
- Tap Review & Confirm
- Input your Transaction PIN and confirm details.
- Your bank account would be funded instantly, with the amount withdrawn from your Yellow Card wallet.
- Log in to your account and select withdraw from the dashboard.
- Choose Withdraw with SPENN.
- Confirm that you have a SPENN account.
- Enter your mobile number registered with SPENN.
- Enter the amount you wish to withdraw and confirm the transaction.
- Open your SPENN mobile app.
- Select the Yellow Card withdrawal request and confirm the transaction
- Your funds will be instantly credited to your account.
Buy And Sell Cryptocurrency Instantly On Yellow Card
One of the biggest challenges in entering the Rwandan market is the need for more confidence than regular fiat currency.
Yellow Card understands the problem in Rwanda and is committed to providing the best cryptocurrency experience possible.
It is doing this through strategic partnerships like those with SPENN and MoMo while also having a product that is simple to use, offers the best rates, and provides a safe payment infrastructure.
There is certainly no better time to enter the cryptocurrency market, and with Yellow Card, buying, selling, trading and investing are easy.