The Central Bank of Sudan (CBOS) has warned citizens against dabbling in cryptocurrencies due to "high risks" as the country's economy continues to deteriorate, according to a report.

High risks involving crypto assets include financial crimes, electronic piracy and the risk of cryptocurrencies losing their value, Sudan's state-owned news outlet SUNA reported on Sunday.CBOS also warned against using crypto over legal concerns, citing the fact that these assets are "not classified as money or even private money and property in accordance with the legislation and regulations in force in the country."Sudan's economy has been on a rapid decline since a military coup in October 2021. Inflation has soared 360% in 2021 and before slowing to 260% in February.The warning may be in response to an increased adoption of cryptocurrencies like bitcoin in the country over the economic crisis, according to Alex Gladstein, chief strategy officer at the Human Rights Foundation, tweeted on Monday, adding that a formal ban may be in the works.Although it's unclear if crypto use is accelerating in Sudan, the CBOS has recently noticed the widespread global spread of the phenomenon of promoting trading in cryptocurrencies through social networking sites, according to SUNA's report.