Sudan’s central bank, which was in crisis, warned cryptocurrency residents that they faced many risks, including loss of value. The warning comes when Sudan is tackling a worsening economic crisis after the civilian government has been testified by the military.
Sudan’s worsening economic crisis
As Sudan’s currency continued to plummet, the country’s central bank warned citizens of using or trading cryptocurrencies, the report said. It warned those who deal with crypto assets at risks such as loss of value, financial crimes and electronic piracy.
Warning by Sudan Central Bank (CBOS) Deteriorating economic crisis Sudan’s exports plummeted 85% in January. The country’s currency, the pound, has reportedly been warned as it suggests it has fallen further against the US dollar in the black market. The deteriorating economic situation is believed to be an important factor behind the growing interest in cryptocurrencies by Sudanese residents.
but, report The CBOS issued by Sudanese News Agency suggests that residents who handle cryptocurrencies also face legal risks. The central bank argued that such risks were due to the fact that cryptocurrencies were not classified as “money or even private money and property” according to national law.
The report added that other risks also stem from what CBOS called “lack of material coverage” and issuance by unauthorized or unlicensed agencies. However, the report is about whether the Sudanese junta, which came to power in October 2021, plans to enact a new law punishing Sudanese residents for failing to pay attention to central bank warnings. Did not mention.
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