Sudan Central Bank Warns on Cryptocurrency Use as Economy Tanks

Sudan’s central bank urged citizens not to use cryptocurrencies, warning of the risks of financial crime, electronic piracy and market volatility, the state-run SUNA news agency reported.

Taking aim at what it said was the aggressive global promotion of crypto on social media platforms, the regulator said digital currencies couldn’t be considered legal tender because they’re “not issued by authorized or accredited bodies that are legally bound,” according to SUNA.

Parking money in cryptocurrencies is a small but growing trend in Sudan. The North African nation’s economy is under increasing strain after an October military coup derailed its path to democracy and led to the suspension of billions of dollars in overseas aid. 

The Sudanese pound lost at least 15% of its value this month after the central bank allowed it to float.