The deteriorating economic conditions are believed to be key factors behind the increased interest in cryptocurrencies by Sudanese residents. cryptotrading sudancrisis
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.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 report added that other risks also stem from what the CBOS referred to as their “lack of material cover” as well as their issuance by unauthorized or unaccredited bodies. However, the report did not state if Sudan’s military government, which seized power in October 2021, is planning to enact new laws that would punish Sudanese residents for failing to heed the central bank’s warning.
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