Central Bank of Sudan Warns of Risks Associated With Cryptocurrency
The central bank in crisis-stricken Sudan has warned residents dealing with cryptocurrencies that they face numerous risks including loss of value. The warning comes as Sudan is grappling with an economic crisis that worsened after the civilian government was deposed by the military. Sudan’s Worsening Economic Crisis As Sudan’s currency continues to plummet, the country’s central bank has warned citizens against using or trading cryptocurrencies, a report has said. It warned those dealing with crypto assets that they face risks such as loss of value,....
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Sudanese financial regulator considers cryptocurrencies to be the source of “high risks" as the demand grows. The Central Bank of Sudan (CBOS) cautioned the country’s citizens against dealing with “all types of cryptocurrencies” due to “the high risks” that they pose. This announcement came as a reaction to the increasing interest in digital assets among the country’s population, which has been facing three-digit inflation rates since the 2021 military coup. On March 27, the Sudan News Agency (SUNA) published a short announcement from the CBOS declaring that due to high risks, which....
The International Monetary Fund (IMF) has acknowledged that the recently launched Nigerian central bank digital currency (CBDC) is attracting interest from many institutions globally, including central banks. Still, the fund warns that the CBDC carries risks for monetary policy implementation, cyber security, operational resilience, and financial integrity and stability. CBDC Attracting Interest In its latest country focus report authored by economist Jack Ree, the IMF explains why Nigeria’s new CBDC has drawn substantial interest from the outside world and from central banks in....
We've seen plenty of times central banks warn consumers of the risks of getting involved with digital currencies, but the Dutch Central Bank is taking a different approach. In astatement published on the central bank's website, De Nederlandsche Bank (DNB) is warning banks and payment institutions of the integrity risks that virtual currencies bear. The central bank points out that there exists a significant level of anonymity when it comes to digital currencies (like bitcoin, for example). The release (which is interestingly dated June 5, 2014) says (translated using Google): In....