The Reserve Bank of Fiji (RBF) has introduced a new law addressing the people of the country to prohibit the use of cryptocurrencies as a source of settlement or as an investment. RBF Files Harsh Penalties for Investing or Purchasing in Crypto’s. Moreover, to spread the threat in the minds of citizens, the governor of RBF imposed severe penalties along with criminal charges against citizens for investing in cryptocurrency abroad from their home-earned income.
Arif Ali, Governor of the Reserve Bank of Fiji, observed the origin of the advertisements, which were mainly organized by several crypto enthusiasts on social media platforms. In effect, to stop the cryptocurrency promotion, they decided to charge a hefty fee for their effort.
The Reserve Bank of Fiji (RBF) has made it clear that no one is allowed to offer cryptocurrency investments or trade in virtual assets in Fiji, as it has not issued any licences
Hopes for Bitcoin Adoption in Fiji Dashed
Many observers believed Fiji would adopt Bitcoin as a legal form of payment when Sitiveni Rabuka became Prime Minister in December 2022. This was because a Tongan nobleman and politician, Lord Fusitu’a, called Rabuka “pro-Bitcoin” on social media.
Lord Fusitu’a had also expressed hopes that Fiji and other Pacific countries would make Bitcoin legal tender in 2023. However, the RBF’s statement has put a damper on those hopes.
Also read: UK Updates Legislation for Stablecoins and Cryptocurrencies
