The Central Bank of Tanzania (BOT) has issued a public notice on 12th November, 2019 against the use of Virtual Currencies (Cryptocurrencies) in Tanzania. The Notice cautions the public against trading, marketing and usage of virtual currency because doing so is contrary to existing foreign exchange regulations.
According to the notice, the Central Bank insisted that, the only acceptable and used legal tender in Tanzania is the Tanzanian Shilling. However, other foreign currencies are traded in line with applicable foreign exchange regulations. The notice thus informs the public to beware of involvement in the virtual currencies (cryptocurrencies), as they are not legally authorized in Tanzania
