The Central Bank of Sudan (CBOS) has warned citizens of the Northeast African country against dealing in all types of cryptocurrencies due to the high risks it entails, the Sudan News Agency (SUNA) reports.
The apex bank listed the high risks to include financial crimes, electronic piracy and the chances of the digital currencies losing their values.
Additionally, the central bank mentioned that cryptocurrencies carry legal risks in the country because they are not classified as money or even private money and property in the republic’s laws.
Moreover, CBOS noted that the currency lacks material cover and is not issued by authorized or accredited bodies that legally bind them, adding that it had noticed the global practice of promoting the trading of the currency on social media.
African Bans on Cryptocurrencies
According to the Brookings Institution, Africa is the fastest-growing cryptocurrency market among developing economies and the third-largest growing market in the world.
Chainalysis’ 2021 Global Crypto Adoption Index also ranks Kenya, South Africa and Nigeria among the top 10 countries in the world in terms of cryptocurrency use. However, not all countries in the continent are open to cryptocurrencies.
According to a report by the United States’ Library of Congress (LoC), of the 51 countries that have implemented a ban on cryptocurrencies, 23 are African countries.
While four African countries, Algeria, Egypt, Morocco and Tunisia, laced an absolute ban on cryptocurrency, 19 countries, including Nigeria, Africa’s largest economy, have placed implicit restrictions ondigital assets.
In February 2021, the Central Bank of Nigeria placed an implicit ban on cryptocurrencies in the country when it ordered commercial banks in Africa’s largest democracy to shut down all cryptocurrency-related accounts.
The order had stated that all regulated financial institutions should “identify persons and/or entities transacting in or operating cryptocurrency exchanges or facilitating payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term for cryptocurrency exchange and close their accounts immediately.”
The Nigerian Securities and Exchange Commission, the country’s financial market regulator, would later set up a fintech division to study all crypto-related investments and products to assess the feasibility of establishing a regulatory framework.
Still, many questions still exist about the future of cryptocurrencies and digital asset adoption, regulation and adoption in Nigeria, Africa and many parts of the world.
The Central Bank of Sudan (CBOS) has warned citizens of the Northeast African country against dealing in all types of cryptocurrencies due to the high risks it entails, the Sudan News Agency (SUNA) reports.
The apex bank listed the high risks to include financial crimes, electronic piracy and the chances of the digital currencies losing their values.
Additionally, the central bank mentioned that cryptocurrencies carry legal risks in the country because they are not classified as money or even private money and property in the republic’s laws.
Moreover, CBOS noted that the currency lacks material cover and is not issued by authorized or accredited bodies that legally bind them, adding that it had noticed the global practice of promoting the trading of the currency on social media.
African Bans on Cryptocurrencies
According to the Brookings Institution, Africa is the fastest-growing cryptocurrency market among developing economies and the third-largest growing market in the world.
Chainalysis’ 2021 Global Crypto Adoption Index also ranks Kenya, South Africa and Nigeria among the top 10 countries in the world in terms of cryptocurrency use. However, not all countries in the continent are open to cryptocurrencies.
According to a report by the United States’ Library of Congress (LoC), of the 51 countries that have implemented a ban on cryptocurrencies, 23 are African countries.
While four African countries, Algeria, Egypt, Morocco and Tunisia, laced an absolute ban on cryptocurrency, 19 countries, including Nigeria, Africa’s largest economy, have placed implicit restrictions ondigital assets.
In February 2021, the Central Bank of Nigeria placed an implicit ban on cryptocurrencies in the country when it ordered commercial banks in Africa’s largest democracy to shut down all cryptocurrency-related accounts.
The order had stated that all regulated financial institutions should “identify persons and/or entities transacting in or operating cryptocurrency exchanges or facilitating payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term for cryptocurrency exchange and close their accounts immediately.”
The Nigerian Securities and Exchange Commission, the country’s financial market regulator, would later set up a fintech division to study all crypto-related investments and products to assess the feasibility of establishing a regulatory framework.
Still, many questions still exist about the future of cryptocurrencies and digital asset adoption, regulation and adoption in Nigeria, Africa and many parts of the world.
Source: https://www.financemagnates.com/cryptocurrency/sudans-apex-bank-warns-citizens-against-dealing-in-cryptocurrencies/