Fiji’s central bank has issued a stern warning against cryptocurrency investments being promoted within the region, citing adherence to legal tender laws and the potential repercussions under local regulations.
The Reserve Bank of Fiji (RBF) issued a public advisory urging individuals to exercise caution when considering investments in cryptocurrency-related campaigns. The bank emphasized that neither Bitcoin (BTC) nor Ethereum (ETH) holds legal tender status in Fiji, thereby prohibiting their use for goods and services transactions in accordance with local laws.
Governor Ariff Ali of the Reserve Bank of Fiji underscored the escalating promotion of crypto investment schemes in the region, clarifying that the RBF has neither licensed nor authorized any entity to offer cryptocurrency investments or engage in virtual asset trading within Fiji.
Furthermore, the central bank reiterated the illegality of purchasing or investing in cryptocurrency using funds held in Fiji, warning that such actions may result in penalties.
Although there were reports in July 2023 suggesting the central bank’s contemplation of digital currency usage in Fiji, no definitive decisions regarding crypto legalization have been reached to date.
Additionally, collaboration between the Reserve Bank of Fiji and the National Bank of Cambodia was reported in late December 2023, aiming to enhance cross-border payment networks through central bank digital currencies (CBDCs). However, significant progress on this front has yet to be observed.