The National Bank of Rwanda (BNR) has issued a warning to the public about fraudulent companies disguising themselves as cryptocurrency businesses and similar schemes, swindling millions of Rwandan francs of unsuspecting individuals. The central bank emphasized that anyone engaging with cryptocurrency schemes in Rwanda does so at their own risk. ALSO READ: Rwanda central bank considering cryptocurrency regulation “We would like to warn people against working with fraudulent companies,” Gerald Nsabimana, the Director of Market Conduct at BNR, told reporters on February 13. “Most of these companies that want to defraud people hide behind cryptocurrency technology, but the central bank has made it clear that any Rwandan who invests in cryptocurrency companies is responsible for the consequences and any losses they may incur, as there are no regulatory laws in Rwanda governing cryptocurrency operations.” Nsabimana further explained that these fraudulent companies often claim to provide a variety of services but operate contrary to their stated purpose. He cited the example of Deere Equipment Company, which claimed to be a branch of a U.S.-based organization and purports to offer agricultural equipment but has not ties to any American company. ALSO READ: Man suspected of duping 500 people in $10m forex fraud to be arraigned Other companies mentioned include Pi Network, which operates as a cryptocurrency platform in Rwanda, DYNANCE, which claims to provide medical products but in reality, functions as a pyramid scheme, and FlexFund. Nsabimana urged the public to remain vigilant in safeguarding their finances and assured that BNR is working in collaboration with law enforcement agencies, including the Rwanda Investigation Bureau (RIB), to combat such fraudulent activities.
