Fijians have been told not to trade in cryptocurrencies in the area, especially in plans that try to sell cryptocurrencies without following the rules for that area. There is no such thing as Bitcoin (BTC) or Ethereum (ETH) as funds in Fiji, the Reserve Bank of Fiji (RBF) said again on April 15. They are against the law in the country, so you can’t use them to buy things or pay for services.
In Fiji, Governor Ariff Ali made it clear that any scams involving bitcoin investments are against the law. He said that as of right now, the RBF has not allowed anyone or anything in the country to buy or sell virtual goods.
Therefore, the public is strongly advised to refrain from participating in cryptocurrency investment or trading schemes currently being promoted in Fiji,” said Ali.
It is also against the law to use funds stored in Fiji to buy or trade in cryptocurrency, according to the RBF. They warned that doing so could get you in trouble with foreign law.
Fiji Evolving Stance on Crypto Investments
Over time, Fiji’s view on crypto investing has changed. In July 2023, for instance, news stories said that the government might think about using digital currencies. But as of right now, there have been no official choices about making crypto legal.
Also, at the end of December 2023, it came out that the Reserve Bank of Fiji and the National Bank of Cambodia were working together to make it easier for people to use central bank digital currencies (CBDCs) to send funds across countries. But it’s still hard to see real progress in this area.
They are still figuring out how to regulate cryptocurrencies in Fiji, so people who want to buy them should be careful if they want to use them there.
