After the cryptocurrency market started to bounce back from last weekend’s downturn, the monetary authority in Fiji has advised citizens to exercise caution when dealing with virtual currencies inside their nation.
On Monday, the Reserve Bank of Fiji (RBF) made it clear in a formal statement that digital currencies like Bitcoin (BTC), Ethereum (Ether), and Tether USD (USDT) are not considered valid forms of payment in Fiji. Consequently, they should not be utilized for buying or selling goods and services within the country.
Cryptocurrencies Are Illegal in Fiji
According to the bank’s explanation, based on the RBF Act of 1983, only currency notes and coins issued or approved by the Reserve Bank of Fiji are considered legal tender in Fiji. Consequently, using cryptocurrencies for transactions within the country is against the current law.
Fiji’s banking authority revealed that citizens are prohibited from participating in cryptocurrency transactions using their banked funds since virtual assets are not considered valid investment options in the country.
The RBF added that this regulation applies not just to individuals, but also to corporations. It is forbidden for both people and businesses to engage in investing or acquiring digital assets in this country, which is famously referred to as the “soft coral capital of the world.”
The bank added that this restriction applies not only to buying or investing in digital assets using locally issued credit or debit cards, but also to transactions made within the country.
If you disregard the guidelines set by the central bank regarding digital assets, you could face fines under the RBF Act of 1983 and the Exchange Control Act of 1950.
Citizens living abroad who invest in cryptocurrencies without prior authorization from the central bank could face fines according to the Exchange Control Act, as a reminder from the RBF.
No Company Is Authorized to Offer Crypto Services in Fiji
The RBF’s Ariff Ali issued a caution against dealing in cryptocurrencies due to the increasing popularity of digital investment schemes in Fiji.
Using social media, Ali claims that the asset class is promoted to the country’s population. However, citizens of that country are restricted from participating in the growing economy.
The RBF governor made it clear that no one, whether an individual or organization, has been given permission by the bank to provide cryptocurrency investment services in this area.
The country is among those globally that are wary of financial modernization. Via the central bank and Fijian Competition and Consumer Commission, the administration has released numerous cautions concerning the utilization and exchange of digital assets within the territory.
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2024-04-15 18:40