Sudan Central Bank Warns of Crypto Risk; Bitcoin Rally Excites Bulls
-
Loading... - Abigail Badu
- 26 Sep 2022
- 62 Views
- 0 Like
- 0 Comment
The Central Bank of Sudan has warned against citizens using cryptocurrencies due to the tokens supposed risks, especially as Sudan’s economy suffers, Coindesk reported Monday.
The risks cited by the bank include financial crime, electronic piracy and loss of value.
The central bank also warned against using crypto due to legal concerns, noting that assets aren’t classified as money or even private money and property.
The Sudan economy has been deteriorating since a military coup last October, which resulted in inflation soaring 360% in 2021. In February inflation was still at 260%. The central bank’s warning might be in response to the higher use of crypto during this crisis, Coindesk wrote.
Meanwhile, Bloomberg writes that Bitcoin’s rally in the last few days, being under-the-radar, has bulls seeing potential for levels the coin hasn’t seen since last year.
The coin’s value rose Monday by as much as 4.6% at one point, hitting $48,215. Then it fluctuated around that level.
This was the highest amount the coin had seen this year.
Bitcoin and other cryptos had been in a downtrend for much of the last few months, though things began to look up lately.
Michael Sonnenshein, CEO of Grayscale Investments, said it has been a “choppy start” for crypto and also other asset classes.
“So I think certainly, it’s an exciting morning in the crypto community to see that yearlong, so far, of losses erased, and also seeing Bitcoin break out above that psychological $45,000 level,” he said.
Finally, digital asset investment products attracted $193 million last week, which was the largest amount since December 2021, a Coinshares analysis showed. Read More...
