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The Sudanese Central Bank warns people against trading with cryptocurrency

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KHARTOUM: The Central Bank of Sudan (CBOS), within the framework of its supervisory role, warned citizens against dealing with all types of cryptocurrencies due to the high risks that it entails.

The central bank indicated that these high risks include financial crimes, electronic piracy, and the risk of losing their value. In addition to the legal risks involved in dealing with these currencies, as they are not classified as money or even private money and property under the country’s current legislation and regulations, due to their lack of a material cover and issuance by authorized or credentialed bodies.

The CBOS stated that it has lately become aware of the significant global development of the phenomenon of encouraging cryptocurrency trading through social media platforms.

Sudan has faced plenty of economic problems over the years, including a massive budget shortfall, widespread scarcity of vital items, and rising bread and other essentials costs.

After decades of turmoil, the oil-rich south lost in 2011, taking with it more than half of the country’s revenues and 95% of exports.

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