Central Bank of Sudan Warns of Risks Associated With Cryptocurrency
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Loading... - Jimiyu Kurgat
- 30 Mar 2022
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Sudan’s Worsening Economic Crisis
As Sudan’s currency continues to plummet, the country’s central bank has warned citizens against using or trading cryptocurrencies, a report has said. It warned those dealing with crypto assets that they face risks such as loss of value, financial crimes, and electronic piracy.
The warning by the Central Bank of Sudan (CBOS) comes amidst a worsening economic crisis that has seen Sudan’s exports plummet by 85% in January. The warning also comes as reports suggest the country’s currency, the pound, is losing further ground against the U.S. dollar on the black market. The deteriorating economic conditions are believed to be key factors behind the increased interest in cryptocurrencies by Sudanese residents.
However, according to a report published by Sudan News Agency, the CBOS has suggested that residents dealing with cryptocurrencies face legal risks as well. Such risks, the central bank argued, stem from what it said were cryptocurrencies’ non-classification as “money or even private money and property” as per the country’s laws. Read More…
