How to Buy Cryptocurrency in Tanzania

Buying cryptocurrency in Tanzania

Buying cryptocurrency in TanzaniaIn November of 2019, the Bank of Tanzania (BoT) issued a statement regarding cryptocurrency. The bank stated that marketing, trading or using these virtual currencies doesnít comply with existing foreign exchange regulations. With this statement, the bank recognized the growing interest in Bitcoin in Tanzania, and felt the need to intervene and address it accordingly. The BoT also emphasized the fact that the only acceptable and legal tender in the country is the Tanzanian Shilling, therefore, labeling cryptocurrencies as the opposite. Even though the bankís reasons for banning cryptocurrencies werenít stated, it is mostly likely due to common concerns. Most banks are concerned about their volatile nature and the fact that they are traded on exchanges which arenít regulated, so those customers who lose money cannot appeal in court. Furthermore, another concern is the fact that they can be used in illegal and fraudulent activities (money laundering and terrorism financing).
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Tanzania. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

Bybit

Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.

Pros
  • Advanced and secure technology
  • Anonymous accounts
  • Attractive trading bonuses
  • Very low fees
Cons
  • Limited asset coverage
  • No option instruments
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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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