With inflation going through the roof, Sudan’s central bank cautions citizens against using crypto

With inflation going through the roof, Sudan’s central bank cautions citizens against using crypto

CBOS, the Central Bank of Sudan, warned citizens not to deal with any type of cryptocurrency due to “the high risk” they pose. This was in response to increasing interest in digital assets by the country’s citizens, who have been experiencing three-digit inflation rates ever since the 2021 military coup.

The Sudan News Agency (SUNA), published a brief announcement from CBOS on March 27. It stated that citizens should not use cryptocurrency due to high risk factors, including “financial crime, electronic piracy, and the risk losing their value.”

CBOS also mentioned legal risks because cryptocurrencies aren’t classified under Sudanese law as money or private money. According to the Central Bank, it noticed an increase in crypto promotion on social media.

Alex Gladstein, chief strategist officer at Human Rights Foundation, tweeted that a formal ban on cryptocurrency might be already in the making. Freeman Law’s analysis shows that the current electronic payments legislation in Sudan, which was enacted in 2007, doesn’t cover cryptocurrency.

The ongoing economic crisis can explain the rise in interest in crypto that has alarmed Sudanese authorities. The country’s Central Bureau of Statistics reported that the average inflation rate in Sudan was 359.09% in 2021. This is up from 163.26% for 2020. It slowed to 258.40% in February 2022.

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