Press Release No. : 08/2024
Date : 15 April 2024
Press Release No 08 – RBF Cautions Public on the Use of and Investment in Cryptocurrencies and Virtual Assets
The Reserve Bank of Fiji (RBF) wishes to advise the public that cryptocurrencies or virtual currencies (such as Bitcoin, Ethereum, Tether, etc.) are not recognised as legal tender in Fiji and therefore cannot be used or accepted for payment of goods and services in Fiji. As per the RBF Act (1983) legal tender in Fiji is currency notes and coins issued or deemed to have been issued by the RBF.
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. Penalties under the Exchange Control Act may be applied if a Fijian resident invests abroad without the prior approval of the RBF.
The Governor of the RBF, Mr Ariff Ali acknowledges that there are indications of persons or entities promoting cryptocurrency investment schemes in Fiji. These investment schemes are increasingly being promoted through various platforms including social media. Mr Ali emphasised that the RBF has not licenced nor authorised any person or entity to offer cryptocurrency investments or trade in virtual assets in Fiji. Therefore, the public is strongly advised to refrain from participating in cryptocurrency investment or trading schemes currently being promoted in Fiji.
Any person in breach of RBF’s stance on the use and promotion of cryptocurrency or virtual assets may be subject to penalties under the RBF Act (1983) and the Exchange Control Act (1950).
RESERVE BANK OF FIJI
For further details, please contact:-
Communications Office
Telephone: (679) 3223 381 Email: info@rbf.gov.fj
Mr Mervin Singh – Manager Corporate Communications
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj