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.

 

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