Sunday, May 26, 2024
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Crypto-currency not a legal tender: RBF

The Reserve Bank of Fiji is advising the public that cryptocurrencies or virtual currencies are not recognised as legal tender in Fiji and therefore cannot be used or accepted for payment of goods and services.

These are bitcoin, ethereum, tether etc.

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.

The Central Bank says 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.

RBF Governor Ariff Ali has acknowledged 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.

Ali said that the RBF has not licensed 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),” Ali stated.

Ilaitia Ravuwai
Ilaitia Ravuwai
Journalist | news@fijilive.com

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