The Reserve Bank of Fiji Warns Against Crypto

The Reserve Bank of Fiji (RBF) is now cautioning the public against the use of cryptocurrency for payment or investment, in contrast to the perceived stance of the Fijian prime minister.

This warning specifically targets Fijian residents who invest in cryptocurrency abroad using funds from Fiji, and any such individuals may even face criminal charges.

The motivation for this warning seems to be the growing promotion of cryptocurrency investment schemes in the country, with the Governor of the RBF acknowledging this trend and emphasizing that no person or entity has been licensed to provide cryptocurrency investments or trade in virtual assets.

There were hopes for the adoption of Bitcoin in Fiji after the election of Sitiveni Rabuka as prime minister in December 2022, as he was seen as being pro-Bitcoin.