In response to the growing promotion of cryptocurrency investments within the region, Fiji’s central bank, the Reserve Bank of Fiji (RBF), has issued a clear and stern warning against engaging in such activities. Highlighting the legal framework surrounding tender laws and local regulations, the RBF emphasized that cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are not recognized as legal tender in Fiji. Consequently, they cannot be used for transactions involving goods and services within the country.
Governor Ariff Ali of the Reserve Bank of Fiji underscored the increasing prevalence of crypto investment schemes in the region, cautioning the public that the RBF has neither licensed nor authorized any individual or entity to offer cryptocurrency investments or trade in virtual assets within Fiji’s borders. As a result, individuals are strongly advised against participating in any such schemes currently being promoted.
Furthermore, the central bank reiterated the illegality of using funds held in Fiji for purchasing or investing in cryptocurrencies, warning that individuals or entities engaging in such activities may face penalties under local laws.
The RBF’s stance on crypto investments has been consistent, with previous reports indicating considerations of digital currency use in Fiji in July 2023. However, no definitive decisions regarding crypto legalization have been reached. Similarly, while collaborations between the Reserve Bank of Fiji and the National Bank of Cambodia were reported to enhance cross-border payment networks using central bank digital currencies (CBDCs) in late December 2023, significant developments on this front have yet to materialize.
Fiji’s central bank’s warning reflects the broader regulatory landscape surrounding cryptocurrencies, emphasizing the need for caution and adherence to local laws in navigating the evolving digital asset space.
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