Investment in cryptocurrencies is growing at a rapid pace on the African continent, as these types of assets enjoy great popularity due to high inflation and the difficult economic situation in these countries, Bloomberg has reported.
Crypto exchange KuCoin has reported the number of transactions with Bitcoin and other digital currencies in Africa last year recorded an increase of almost 2,500%.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
The Central Bank of Sudan fears an increase in the number of cryptocurrency owners in the country, which is the reason why it has warned citizens that investing in Bitcoin is dangerous.
According to the country's authorities, cryptos are volatile instruments, so their price can drop at any time, which can result in investors losing all their money. In addition, the authorities claim cryptocurrencies are used in criminal schemes.
The Sudanese legislation does not include a definition of digital currency or any mechanism to protect investors. However, these assets are very popular in the country due to the fact that the local currency is depreciating.