Tanzania Central Bank: does not legally authorize cryptocurrency, warns the public not to use

According to CoinGape, the Tanzanian central bank warned the public not to use cryptocurrencies in a notice. In addition, Tanzania does not legally authorize cryptocurrencies. The announcement also mentioned that the trend of public participation in cryptocurrency activities is becoming more and more obvious. Some entities are promoting the notion that cryptocurrencies are legal tenders in the country. The central bank therefore clarified its position regarding the use of cryptocurrencies. In addition, the central bank also warned the public not to trade, market and use cryptocurrencies because of violations of current foreign exchange regulations. The Tanzanian Central Bank is the only institution in the country that issues banknotes and coins. The only legal currency accepted and used in the country is the Tanzanian shilling.