{"id":25293,"date":"2022-10-07T09:56:21","date_gmt":"2022-10-07T09:56:21","guid":{"rendered":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-central-bank-warns-citizens-against-use-of-bitcoin"},"modified":"2022-10-07T10:13:22","modified_gmt":"2022-10-07T10:13:22","slug":"south-sudan-central-bank-warns-citizens-against-use-of-bitcoin","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-central-bank-warns-citizens-against-use-of-bitcoin","title":{"rendered":"South Sudan central bank warns citizens against use of bitcoin"},"content":{"rendered":"

Africa-Press – South-Sudan. <\/strong><\/span>South Sudan\u2019s Central Bank on Thursday warned the public against the use of virtual currencies, particularly bitcoin, saying they are not legal tender.<\/p>\n

Johny Ohisa Damian, Governor of the Bank of South Sudan said investing in virtual currencies carries high risks of devaluation as users could be hit by severe fluctuation and volatility of its value.<\/p>\n

\u201cVirtual currencies tend to be volatile and their value can fluctuate significantly. The high volatility of virtual currencies makes them unsuitable for most investors especially those investing for long-term goals,\u201d Ohisa said in a statement issued on Thursday.<\/p>\n

Ohisa issued a statement prohibiting citizens from dealing with virtual currencies, particularly bitcoins saying they don\u2019t have legal status in the country.<\/p>\n

\u201cVirtual currencies such as Bitcoin are a digital representation of the value that can be digitally traded and functions as a medium of exchange within a specified online community but does not have legal status in South Sudan,\u201d said Ohisa.<\/p>\n

He said the bank has been following the issue of bitcoin very closely, adding it was important to warn the public against it in order to avoid any fraud problems in the future.<\/p>\n

\u201cTransactions involving virtual currencies are subjected to a high degree of anonymity, as such; there is the potential for misuse of virtual currency to conduct criminal activity including money laundering or terrorism financing,\u201d he said.<\/p>\n

The Central Bank Chief disclosed that Bitcoin is affiliated with no country or bank, adding that It is based on an open-source computer code designed by an anonymous person.<\/p>\n

\u201cProviders of virtual currencies in South Sudan are neither regulated nor supervised by the Bank of South Sudan and there is currently no legislative provision under the Bank\u2019s purview that provides protection to customers for losses arising from the use of virtual currencies.\u201d<\/p>\n

\u201cIn addition, unregulated virtual currencies companies may lack appropriate internal controls and may be more susceptible to fraud and theft than regulated financial institutions,\u201d he said.<\/p>\n

For More News And Analysis About South-Sudan<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Sudan. South Sudan\u2019s Central Bank on Thursday warned the public against the use of virtual currencies, particularly bitcoin, saying they are not legal tender. Johny Ohisa Damian, Governor of the Bank of South Sudan said investing in virtual currencies carries high risks of devaluation as users could be hit by severe fluctuation and […]<\/p>\n","protected":false},"author":84,"featured_media":25292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,265,233],"class_list":["post-25293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-sudan","tag-south-sudan"],"yoast_head":"\nSouth Sudan central bank warns citizens against use of bitcoin - South Sudan<\/title>\n<meta name=\"description\" content=\"South Sudan\u2019s Central Bank on Thursday warned the public against the use of virtual currencies, particularly bitcoin, sa ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-central-bank-warns-citizens-against-use-of-bitcoin\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Sudan central bank warns citizens against use of bitcoin\" \/>\n<meta property=\"og:description\" content=\"South Sudan\u2019s Central Bank on Thursday warned the public against the use of virtual currencies, particularly bitcoin, sa ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-central-bank-warns-citizens-against-use-of-bitcoin\" \/>\n<meta property=\"og:site_name\" content=\"South Sudan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-07T09:56:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-07T10:13:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2022\/10\/postQueueImg_13-633ffba69f25d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"682\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-central-bank-warns-citizens-against-use-of-bitcoin#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-central-bank-warns-citizens-against-use-of-bitcoin\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"South Sudan central bank warns citizens against use of bitcoin\",\"datePublished\":\"2022-10-07T09:56:21+00:00\",\"dateModified\":\"2022-10-07T10:13:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-central-bank-warns-citizens-against-use-of-bitcoin\"},\"wordCount\":347,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-central-bank-warns-citizens-against-use-of-bitcoin#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2022\/10\/postQueueImg_13-633ffba69f25d.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Sudan\",\"South-Sudan\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-central-bank-warns-citizens-against-use-of-bitcoin#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-central-bank-warns-citizens-against-use-of-bitcoin\",\"url\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/south-sudan-central-bank-warns-citizens-against-use-of-bitcoin\",\"name\":\"South Sudan central bank warns citizens against use of bitcoin - 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