Fiji’s central bank warns against crypto investments

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Fiji’s main monetary authority has issued a cautionary statement regarding cryptocurrency investments being marketed in their jurisdiction. They base this advice on existing laws designating local currency as legal tender, and the possible consequences of breaking local regulations.

The Reserve Bank of Fiji has issued a notice to the public, advising against investing in cryptocurrencies like Bitcoin and Ethereum, which are not considered legal tender in Fiji and cannot be used to pay for goods or services according to local regulations. (Press Release: Apr. 15)

The Governor of the Reserve Bank of Fiji, Ariff Ali, spoke out against the growing popularity of cryptocurrency investment schemes in the area. He made it clear that neither the RBF nor any individual or organization in Fiji has been granted permission to provide cryptocurrency investments or engage in virtual asset trading.

Based on recent developments, it is highly recommended that the general public avoid investing or trading in cryptocurrencies being advertised in Fiji at this time.

Ariff Ali

The monetary authority of Fiji reminded citizens and businesses that it’s against the law to buy or put money into cryptocurrencies using Fijian funds. They warned that engaging in such transactions could result in consequences.

Over the years, the Reserve Bank of Fiji’s view on cryptocurrency investments has changed. In July 2023, it was announced that the central bank was exploring the possibility of using digital currency in Fiji. Yet, no definitive actions regarding the legalization of crypto have been taken since then.

In late December 2023, crypto.news announced a partnership between the Reserve Bank of Fiji and the National Bank of Cambodia to enhance their cross-border payment system with central bank digital currencies (CBDCs). However, no substantial progress has been made public on this project yet.

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2024-04-15 14:51