This archive report was first published on 17 November 2019.
On November 17, 2019, the Bank of Tanzania issued a statement warning the public to be cautious when dealing with crypto currencies, as they are not authorized in the country.
The central bank emphasized that it is the sole institution responsible for issuing bank notes and coins, and declaring a legal tender in Tanzania.
Although the bank has not officially banned crypto currencies, it has not allowed their use and therefore does not regulate or acknowledge them.
The rise of popular digital currencies such as Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash has made them appealing, but the bank is aware of instances where these currencies are being marketed and traded with the perception of making them appear as a legal tender in Tanzania.
Benard Dadi, the Bank of Tanzania's director of national payment system, stated, "This is an advisory, it is your own risk we don’t stop people to practice for now, but once you are conned there is nowhere to lodge your grievances." He added that there is no law backing the use of crypto currency, and "You can't just wake up and make a law, it is a process."
Kenya and Uganda have also issued advisories against trading in crypto currencies.
