Northeast Africa country Sudan has warned its citizens to stay away from Cryptocurrency.
Sudan’s central bank issued this warning saying that do not use cryptocurrencies as it is risky of Financial crime, electronic piracy, and market volatility.
The Central Bank of Sudan (CBOS) further warned against using crypto due to legal concerns, as it is not mentioned and classified as money, private money, or property. The news was first reported through the Sudan News Agency (SUNA).
So most reports show Africa is the fastest growing cryptocurrency market in the world. Kenya, South Africa, and Nigeria top the list. However, the report by the United States Library of Congress (LoC) shows 23 African countries have banned cryptocurrency.
Especially in Africa money is being used for illegal activities. Especially drug dealings and many other illegal frauds, laundering activities. With that most African countries suffer from Inflation. African countries suffer from huge inflation rates.
Specially Sudan hits its inflation rate of 360% in 2021 with Covid 19. However, it’s still at a rate of 259%. Reports show the Sudanese pound has lost 15% of its value this month.
So this shows how much the Sudan economy has suffered. Warning citizens might be a pre-step by Sudan to face its economic crisis.