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.
Read More
- ‘This Is Not A Show Where Necessarily The Best Dancer Wins.’ Cheryl Burke Admits She Would Have Preferred Season 33 Winner, And Never Have Truer Words Been Spoken
- Angus MacInnes, ‘Star Wars’ Actor, Dies at 77
- Deva: Shahid Kapoor starrer’s director Rosshan Andrrews reveals idea behind his character; ‘he has a ‘don’t care’ attitude
- Zendaya for Louis Vuitton x Murakami Campaign Surfaces Online
- ‘Mad: Max: Fury Road’ Will Land on Netflix at the End of December
- Bitcoin Mentions on X Grow by 65% Reaching 140M in 2024
- ‘Scream 7’ Officially Adds Courteney Cox as Gale Weathers
- Binance to Delist WRX Token, Causing 40% Crash in 1 Hour
- Marvel Rivals Best PC Settings
- POL PREDICTION. POL cryptocurrency
2024-04-15 14:51