The Central Bank of Sudan has issued a warning to the people of Sudan on the use of cryptocurrencies, reminding them that crypto is not legal money.
According to the Central Bank, crypto has several risks which it listed below:
- Usage in financial crime
- Hacking
- Loss of value (Volatility)
- They are not supported legally
The move comes as the Sudan Pound continues to depreciate against the dollar, a situation that makes cryptocurrencies such as Bitcoin attractive to people who want to protect their savings.
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SEE ALSO: The First Mobile Money Service, Dubbed M-Gurush, Launches in South Sudan
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Currently, one pound is valued at just $0.0022, with the dollar costing 447 Sudanese pounds according to Google aggregates. Local sources however have been quoted as saying, as of March 22, 2022, the US dollar exceeded 700 Sudanese Pounds.
With demand for the dollar growing, the Central Bank of Sudan devalued the currency by 19% on March 8, 2022 to exchange at 530 pound to the dollar while letting banks and currency exchanges set their own buying and selling rates without its intervention.
However, two weeks later, the Central Bank was reported to have devalued the currency again as demand for the dollar grows in the country that is in the throes of instability since a millitary coup in October 2021.
Sudan’s currency has lost more than a third of its value since the coup, rapidly driving up prices for fuel, food, and other goods, and has fallen even further in the parallel market.
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RECOMMENDED READING: Nigeria’s Central Bank Goes After AbokiFX, a Daily Naira Exchange Listing Service, as Naira Rate Plummets 10% in a Month
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