Fiji’s central bank has issued a warning against crypto investments promoted in the region, citing legal tender laws and potential penalties under local regulations.
The Reserve Bank of Fiji (RBF) has issued a public warning, cautioning users from investing in crypto-related campaigns promoted in the region. In a press release on Apr. 15, the central bank emphasized, including Bitcoin (BTC) and Ethereum (ETH) are “not recognized as legal tender in Fiji” and can’t be used for payments of goods and services, in accordance with local rules.
Reserve Bank of Fiji Governor Ariff Ali also addressed the increasing promotion of crypto investment schemes in the region, highlighting that the RBF “has not licenced nor authorised 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.”
Ariff Ali
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The central bank of Fiji also reiterated that it is illegal for individuals or entities to purchase or invest in crypto using funds held in Fiji, emphasizing that such activities “may be subject to penalties.”
The RBF’s stance on crypto investments has evolved over time. In July 2023, reports surfaced indicating that the central bank was considering the use of digital currency in Fiji. However, no concrete decisions regarding crypto legalization have been made since then.
Additionally, in late December 2023, crypto.news reported on collaboration between the Reserve Bank of Fiji and the National Bank of Cambodia to improve the cross-border payment network using central bank digital currencies (CBDCs). Nevertheless, there have been no indications of significant developments on this matter thus far either.
Read more: Swiss central bank sees no need for public CBDC as risks outweigh benefits
