The Reserve Bank of Fiji, Fiji’s central bank, reminded Fijians that cryptocurrencies were not accepted as legal tender in the country. In a recent press release, the institution reinforced that purchasing cryptocurrency with funds held in Fiji was illegal and that penalties could be applied to citizens doing so without the bank’s approval.
Central Bank of Fiji Warns About Penalties For Purchasing Cryptocurrency
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Reserve Bank of Fiji Could Apply Penalties for Cryptocurrency Purchases
While some central banks are opening their doors to crypto, others are strengthening their stance on these tools. The Reserve Bank of Fiji (RBF) recently reminded Fijians that cryptocurrencies were not accepted as legal tender in the country, mentioning bitcoin, ether, and tether as examples. The bank remarked these digital assets could not be used or accepted as payments for goods and services in Fiji.
Furthermore, the bank reinforced that dealing with cryptocurrency from Fiji was illegal and that citizens using digital assets could be penalized if they acted without the bank’s approval. The release stated:
It is illegal for any individual or entity to purchase or invest in cryptocurrencies and virtual assets from funds held in Fiji. This includes the use of locally issued debit cards and credit cards (scheme cards) to pay for such transactions.
While Fiji has ranked amongst the countries with the least cryptocurrency adoption in the world before, bank officials are worried about the penetration of the promotion of cryptocurrency investment schemes through social media.
RBF Governor Ariff Ali declared that the bank had not issued licenses or permits to offer these investment opportunities on Fijian soil. In addition, he recommended the general public to “refrain from participating in cryptocurrency investment or trading schemes currently being promoted in Fiji.”
Fiji joins the ranks of nation-states where it is illegal to deal in cryptocurrency. However, the difficulty of enforcing these bans, like in other countries, might lead investors to keep putting money in digital assets in underground markets, in the same way that has happened in different markets.
What do you think about Fiji’s stance on cryptocurrency? Tell us in the comments section below.
