The Central Bank of Tanzania warns people away from using cryptocurrencies
|The rise of cryptocurrencies in Africa has been nothing short of amazing. The fact that the crypto industry can help the unbanked is no doubt one of the major plus points of the industry.
Now it seems that the Central Bank of Tanzania are warning the public against the idea as it gets too big.
The Bank of Tanzania has noted with concern a growing trend of linking operations of cryptocurrencies as to have been endorsed by the bank to operate as a legal tender in the country despite a public warning issued on 12th November 2019
This is, therefore, to remind the members of public and reiterate the early position that the only legal tender issued and accepted in the United Republic of Tanzania... is the Tanzanian Shilling
Further, all other acceptable foreign currencies are traded by licenced institutions in the country in line with the Foreign Exchange Act, 1992
Now it seems other than being opposed to the use of cryptocurrencies. The bank is not adverse to the technology. Joining the ranks of Kenya and Uganda the Tanzanian Central Bank are looking into the development of blockchain for record-keeping and ease of use. They have joined in the Africa Blockchain Alliance which will look to explore potential development opportunities in the area.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.