The RBF has issued a caution against using cryptocurrencies for transactions or financial gains. This advisory follows proposals to control advertising of cryptocurrencies within Fiji.
Ariff Ali, the governor of the Central Bank, boasts that our campaign has gained significant online visibility through social media platforms. To date, no businesses have been granted permission by the RBF for holding or trading cryptocurrencies.
After Sitiveni Rabuka’s election as prime minister of Fiji in December 2022, there has been growing excitement among Fijians regarding the future adoption of Bitcoin. This momentum was initiated by Lord Fusitu’a who advocated for Bitcoin’s recognition as legal tender alongside the Fijian currency during his speech on X. However, an official announcement from the prime minister himself has not yet been made, leaving uncertainty about any formal statements or decisions on this matter.
The RBF’s position aligned with the IMF’s warning in their February report. According to the IMF, cryptocurrencies fall short as viable alternatives for traditional payment methods, and they presented certain risks.
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2024-04-16 00:52