Fiji Reiterates Warning Against Crypto Use and Investments
- 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.
Sponsored
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.
Sponsored
Stay updated on the crypto market’s weekend bloodbath:
Weekend Bloodbath Sees All Top 10 Cryptos Tumble Except for One
Read about Solana’s latest solution to the ongoing network congestion:
Solana Releases Update to “Alleviate the Ongoing Congestion”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Rosfinmonitoring reported when the Transparent Blockchain will be connected to banks

Survey: 80% of Investors Bought 'Presidential' Memcoins TRUMP, CAR, and LIBRA

Yesterday, the U.S. spot Ethereum ETF had a net outflow of $8.9 million
OpenSea CEO: Trying to classify NFTs as securities would be a step backwards
Trending news
MoreCrypto prices
More








