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Reserve Bank of Fiji Warns Against Crypto Investments Amid Legal Tender Status Concerns

Reserve Bank Of Fiji Crypto

The Reserve Bank of Fiji (RBF) has issued a public warning, advising consumers to avoid investing in crypto-related activities advertised in the region. In a press release issued on April 15, the central bank stated that Bitcoin and Ethereum are “not recognized as legal tender in Fiji” and cannot be used to pay for goods and services, according to local rules.

Governor of the Reserve Bank of Fiji, Ariff Ali, also addressed the region’s increased promotion of crypto investment schemes, stating that the RBF “has not licensed nor authorized any person or entity to offer cryptocurrency investments or trade in virtual assets in Fiji.”

“Therefore, the public is strongly advised to refrain from participating in cryptocurrency investment or trading schemes currently being promoted in Fiji,” said Ariff Ali.

Fiji’s central bank also emphasized that it is prohibited for people or businesses to buy or invest in cryptocurrency using assets kept in Fiji, underscoring that such acts “may be subject to penalties.”

The RBF’s position on cryptocurrency investments has shifted over time. In July 2023, news arose stating that Fiji’s central bank was investigating the use of digital currencies. However, no firm decisions on cryptocurrency legality have been taken since then.

Furthermore, in late December 2023, crypto.news reported on a partnership between the Reserve Bank of Fiji and the National Bank of Cambodia to develop a cross-border payment network using central bank digital currencies (CBDCs). Nonetheless, there have been no signs of major progress on this issue thus far.

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