Cryptocurrency occupies a complex legal position in Tanzania, where it is not recognized as legal tender but recent court rulings have affirmed that cryptocurrency transactions are not illegal (2). In November 2019, the Bank of Tanzania issued a public notice advising the public against trading, marketing, and using virtual currencies, stating such activities are contrary to existing foreign exchange regulations (1). The Bank emphasized that only the Tanzanian Shilling is the acceptable legal tender in the country (1).
The Bank of Tanzania, as stipulated in Sections 26 and 27 of the Bank of Tanzania Act 2006, is the sole institution mandated to issue banknotes and coins and declare legal tender in Tanzania (1). The notice cautioned members of the public to beware of involvement in virtual currencies as they are not legally authorized in the country (1). Despite this warning, a landmark 2024 High Court decision in Yellow Card Tanzania Limited v. Nyamwero Michael Nyamwero established that the lack of a legal framework does not render cryptocurrencies illegal (2).
"The Court noted that the lack of a legal framework on cryptocurrencies does not render them illegal in Tanzania. The Court pointed out that the regulatory framework on cryptocurrencies is still evolving in Tanzania and that the government and the Bank of Tanzania have issued guidance on the matter."
The High Court pronounced that engaging in electronic transactions using cryptocurrencies is not illegal in Tanzania, legitimizing their use in commercial activities and highlighting a shift toward acceptance (2). The judgment affirms that contractual obligations fulfilled using cryptocurrencies are legally binding, provided they meet general principles of contract law (2). The court's argument is premised on the fact that parties involved in cryptocurrency transactions are duty-bound to pay tax under tax laws, suggesting implicit recognition of such transactions within Tanzania's economic framework (2).
Source:
https://www.bot.go.tz/Adverts/PressRelease/sw/2020031307240424208.pdf
https://www.dentons.com/en/insights/articles/2025/march/17/the-evolving-regulatory-landscape-of-cryptocurrencies-in-tanzania-implications-on-legal-contracts
Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
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