{"id":17639,"date":"2023-02-14T22:23:44","date_gmt":"2023-02-14T22:23:44","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/south-sudan-government-bans-us-dollar-transactions-africa-bitcoin-news\/"},"modified":"2023-02-14T22:23:44","modified_gmt":"2023-02-14T22:23:44","slug":"south-sudan-government-bans-us-dollar-transactions-africa-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/south-sudan-government-bans-us-dollar-transactions-africa-bitcoin-news\/","title":{"rendered":"South Sudan Government Bans US Dollar Transactions \u2013 Africa Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The government of South Sudan has reportedly prohibited U.S. dollar-based transactions and has directed that all local payments be settled in the local currency. The Salva Kiir Mayardit government reportedly said it also wants all signed commercial contracts to be based on the local currency.<\/strong><\/p>\n

South Sudan\u2019s Economic Meltdown<\/h2>\n

As part of initiatives aimed at reviving South Sudan\u2019s war-torn economy, the government of Salva Kiir Mayardit recently outlawed U.S. dollar-based transactions, a report has said. In place of the greenback, the government reportedly directed that all local payments be settled with the local currency, the South Sudan pound (SSP).<\/p>\n

According to a report<\/a> in The East African, the move by the South Sudan government is likely to negatively impact the operations of importers and regional banks stationed in the hyperinflation-hit country.<\/p>\n

Prior to banning dollar transactions, Slava Kiir\u2019s government had set up a committee charged with recommending measures to resuscitate South Sudan\u2019s hyperinflation-stricken economy. However, despite the presence of the committee, South Sudan still saw its worst economic meltdown<\/a> in 2022. This, combined with the crippling hyperinflation, has now left as many as 7 million South Sudan residents facing severe food shortages and possible starvation.<\/p>\n

Meanwhile, in addition to outlawing U.S. dollar-based transactions, the South Sudan government said it wants all signed commercial contracts to be based on the local currency.<\/p>\n

\u201cThat is a clear directive from the Central Bank that all the transactions in South Sudan must be done in our currency. So all commercial contracts must be signed in our local currency,\u201d Michael Makuei Lueth, the country\u2019s information minister, reportedly said.<\/p>\n

Despite sitting on top of the largest known crude oil reserves in Sub-Saharan Africa, the civil war as well as the continuing violent clashes between different groups has ensured that South Sudan remains one of Africa\u2019s poorest and least stable countries.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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