- Fiji’s central bank has issued a warning against crypto use.
- The warning comes as crypto investment schemes are increasingly being promoted in the country.
- The promotions have surged on various platforms, including social media.
The Reserve Bank of Fiji (RBF) issued a public warning on Monday, cautioning users against using crypto and investing in digital assets.
Since digital assets started receiving mainstream attention, Fiji has been cautious against crypto. The country has raised several concerns in past warning messages from the central bank and the Fijian Competition and Consumer Commission.
Fiji’s Central Bank Sends Stark Warning
In a press release dated April 15, the RBF advised users that cryptocurrencies such as Bitcoin and Ethereum are not recognized as legal tender in Fiji, making them unsuitable for payment of goods and services.
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“Furthermore, 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,” RMB wrote.
The Governor of the RBF, Ariff Ali, said the warning comes as Fiji is witnessing increased promotion of crypto investment schemes via various platforms, including social media. The dubious advertisements are reportedly misleading Fijians into thinking they can purchase Bitcoin, foreign exchange, and binary trading products using their mobile money wallets or bank transfers.
While Fijians might have an option of accessing crypto through offshore investments, the central bank insisted that it approve such investments. Per the statement, penalties under the Exchange Control Act may be applied if a Fijian resident invests abroad without the prior approval of the RBF.
Meanwhile, it remains nigh impossible to buy crypto legally in Fiji, given that the central bank’s offshore investment facility was suspended.
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