Crypto regulation in Tanzania
The Bank of Tanzania has noted a growing trend among members of the public engaging in activities related to the usage of virtual currencies (cryptocurrencies) in the country. The Bank is also aware of incidences where these currencies are being marketed and traded with a perception of making them appear as if they were legal tender in the country. Moreover, there are some individuals claiming to have engaged the Bank of Tanzania about the use of such virtual currencies.
The Bank of Tanzania, as stipulated in Sections 26 and 27 of the Bank of Tanzania Act, 2006, is the sole institution in Tanzania mandated to issue banknotes and coins and to declare legal tender in the country. The Bank of Tanzania, therefore, reiterates that the only acceptable and used legal tender in the country is the Tanzanian Shilling. Other foreign currencies 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 legal tender. By this notice, the Bank of Tanzania cautions members of the public to beware of involvement in virtual currencies, as they are not legally authorized in Tanzania.
Source: Bot Got
Currently, in Tanzania cryptocurrencies are not regulated under any law and that cryptocurrency is not legal tender, and users face the risk of unenforceability of cryptocurrency transactions as policymakers are cautious that cryptocurrency would be used for illegal activities, such as money laundering, trade-in illegal or controlled substances, or terrorism finance. Finally, the researcher recommends that financial officers should/put much effort into studying matters that affect their work to acquire skills and experience, financial institutions particularly Bank of Tanzania proposes and develop a safe way of using cryptocurrency without compromising the financial system and the Tanzanian government to adapt appropriative rules and regulations that can prohibit cryptocurrency usage.
Source: Freeman Law
As of 2019, cryptocurrencies are largely banned in Tanzania after the country’s central bank said the digital assets were not recognized by local law. For Nigeria, the country’s central bank banned financial institutions from providing services to crypto exchanges. Following the ban, peer-to-peer transactions account for the bulk of Nigeria’s crypto trading activity.
Source: Indian Express
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