The Central Bank of Tanzania Puts Out a Public Notice Warning Against Dealing in Cryptocurrencies

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The Central Bank of Tanzania (BoT) has put out a public notice on cryptocurrencies warning them against trading, marketing, and usage of cryptocurrencies stating this is contrary to existing foreign exchange regulations.

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Part of the public notice reads:

The Bank of Tanzania is the sole institution in Tanzania mandated to issue banknotes and coins and to declare a legal tender in the country. The Bank of Tanzania, therefore, reiterates that the only acceptable and used legal tender in the country is the Tanzania Shilling. Other foreign currencies in the country are traded by licensed institutions in the country in line with applicable foreign exchange regulations where the currencies could be issued and redeemed in the country of issuance as a legal tender.

By this notice, the Bank of Tanzania cautions members of the public to beware of involvement in the virtual currencies, as they are not legally authorized in Tanzania.”

According to BoT, the above notice has been advised by a growing trend in Tanzania of the usage of cryptocurrencies in Tanzania with some currencies being marketed and traded with the perception that they are legal tender. The bank also claims some individuals are claiming they have engaged the bank on teh use of virtual currencies.

This notice comes just weeks after BoT embarked on a campaign to study the use of cryptocurrencies across the country followed by a forum to discuss the nature and use of such virtual currencies.

 

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