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In Rwanda, crypto gains ground as investment asset class and for transactions

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Chong Xin Wei

Published Sat, Sep 16, 2023 · 08:00 AM
    • FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum and DogeCoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/File Photo
    • While Rwanda's government has banned banks from facilitating crypto transactions, many locals are hopeful that Rwanda’s crypto scene will blossom on the back of a digitalising economy.
    • FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum and DogeCoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/File Photo REUTERS
    • While Rwanda's government has banned banks from facilitating crypto transactions, many locals are hopeful that Rwanda’s crypto scene will blossom on the back of a digitalising economy. PHOTO: PIXABAY

    THIRD-YEAR agriculture student Max Mucyo, 22, has been funding his daily necessities and university fees with profits earned from cryptocurrency investments.

    His first encounter with crypto was two years ago, when he received 100 USD Tether, the equivalent of US$100, for a web design job.

    Mucyo, who did not know how to exchange crypto for cash at the time, turned to tutorials on YouTube, which led him down the rabbit hole of crypto investments.

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