The Central Bank of Sudan (CBS) reports that the country’s economy is now undergoing a crisis and residents should not turn to such untested instruments as cryptocurrencies. Digital assets can be used for financial crimes and piracy and can easily lose their value, the regulator assures.
The Central Bank reminds that cryptocurrencies are not regulated in the country and therefore should not be treated “as money or private money and property”.
The issuance of the warning is related to the increasing popularity of digital tools – citizens are trying to save their savings through cryptocurrencies in a crisis and inflation. The Central Bank of Sudan notes an increase in advertising of such assets in social networks.
Earlier European Union regulators published a joint statement warning consumers of the risks associated with investing in digital assets.