The Reserve Bank of Fiji has warned against using and investing in cryptocurrencies stating that they are not considered legal tender and cannot be used for payments within the country.
The warning comes in the wake of increasing promotion of cryptocurrency investment schemes in Fiji reportedly being marketed through various platforms, including social media.
“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,” RBF Governor Ariff Ali said.
According to the RBF Act of 1983, the only legal tender in Fiji comprises currency notes and coins issued or deemed to have been issued by the Reserve Bank of Fiji.
It is also illegal, Ali said, for individuals or entities to purchase or invest in cryptocurrencies and virtual assets using funds held in Fiji. This prohibition encompasses locally issued debit and credit cards for such transactions.
“Any person in breach of RBF’s stance on the use and promotion of cryptocurrency or virtual assets may be subject to penalties under the RBF Act (1983) and the Exchange Control Act (1950).”
