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Sudan's Central Bank Warns Against Using Crypto as Economy Suffers: Report
The bank said that cryptos carry high risks, including financial crime, piracy and loss of value.
Updated May 11, 2023, 6:23 p.m. Published Mar 28, 2022, 11:36 a.m.
The Central Bank of Sudan (CBOS) has warned citizens against dabbling in cryptocurrencies because of their "high risks" as the country's economy continues to deteriorate, according to a report.
- The high risks include financial crime, electronic piracy and loss of value, Sudan's state-owned news outlet SUNA reported on Sunday.
- The CBOS also warned against using crypto because of legal concerns, saying that the assets are "not classified as money or even private money and property in accordance with the legislation and regulations in force in the country."
- Sudan's economy has been on a rapid decline since a military coup in October. Inflation soared 360% in 2021 and before slowing to 260% in February.
- The warning may be in response to an increased adoption of cryptocurrencies like bitcoin in the country during the economic crisis, Alex Gladstein, chief strategy officer at the Human Rights Foundation, tweeted on Monday, adding that a formal ban may be in the works.
- Although it's unclear if crypto use is accelerating in Sudan, the CBOS has recently noticed the widespread global spread of the phenomenon of promoting trading in cryptocurrencies through social networking sites, according to SUNA's report.
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