Fiji’s Central Bank Issues Warning on Cryptocurrency Use
The Reserve Bank of Fiji (RBF) has cautioned against the use of cryptocurrency for transactions or investments, diverging from the perceived stance of Fiji's prime minister.
The warning extends to potential legal consequences for residents investing in cryptocurrency abroad using funds from Fiji.
The RBF’s advisory comes amid observed promotions of cryptocurrency investment schemes within Fiji, which the bank has not authorized.
Despite initial optimism for Bitcoin adoption following the election of Prime Minister Sitiveni Rabuka, there has been no public endorsement of cryptocurrency by Rabuka.
Lord Fusitu’a, a Tongan parliament member, previously hinted at Rabuka’s interest in Bitcoin but noted the absence of public statements from Rabuka on the matter.
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While Lord Fusitu’a advocated for Bitcoin introduction in 2022, including converting Tonga’s national treasury to cryptocurrency, Fiji has yet to pursue such measures.
The RBF’s recent statement aligns with the International Monetary Fund’s cautionary stance on cryptocurrencies, emphasizing their inadequacy as payment methods and associated macroeconomic risks, as outlined in a February paper on digital money in Pacific Island countries.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
