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Tanzania Bans US Dollar in Local Transactions, Aligns with BRICS De-Dollarization Agenda
Tanzania Bans US Dollar in Local Transactions, Aligns with BRICS De-Dollarization Agenda
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Tanzania has officially prohibited the use of the US dollar and all foreign currencies for local transactions, mandating the Tanzanian Shilling (TZS) as the sole legal tender. The Bank of Tanzania’s sweeping measure aims to curb the dominance of foreign currencies in domestic commerce, echoing the BRICS coalition’s push for de-dollarization.
Businesses, individuals, and financial institutions now face legal consequences for conducting transactions in non-TZS currencies. This policy shift reflects growing momentum toward alternative financial systems, though its impact on cryptocurrency adoption remains unstated.
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