Sudan Central Bank Warns Against Crypto, Calls it a ‘High Risk’

Time Stamp: March 29, 2022 8:58 AM
Source Node: 1239329

  • Sudan’s Central Bank warned against cryptocurrencies.
  • In other news, reports have shown that inflation in Sudan has reached 360% in 2021.
  • In comparison, Bitcoin has rocketed to over $46K during the last 48 hours.

The Central Bank of Sudan (CBOS) warns citizens against using cryptocurrencies as it describes crypto to be risky. As the state-run SUNA News Agency reported, financial crime, electronic piracy, and market volatility were included in the list of risks provided by CBOS.

The central bank also warned against using crypto due to legal concerns, as it explained that the assets are not classified as money, private money, or property.

The news came in a tweet on many news pages, such as Bloomberg crypto, where it was shared as a report.

Reports have also shown that the Sudan economy has been falling apart since a military coup last October, which resulted in inflation soaring 360% in 2021. In February, inflation reached 260%. In other terms, the central bank’s warning might be in response to the higher use of crypto during this crisis.

In other news, Bitcoin scored a price of over $47K. It also reached a market cap of almost $900 billion and a 7-day low/high of over $41K to $47K. Bitcoin has gone up by 4.8% during the last 48 hours.

As for the downfall that happened in the crypto market during the last couple of months, Michael Sonnenshein, CEO of Grayscale Investments, said it has been a “choppy start” for crypto and also other asset classes.

He also said:

So I think certainly, it’s an exciting morning in the crypto community to see that yearlong, so far, of losses erased, and also seeing Bitcoin break out above that psychological $45,000 level.

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