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Reserve Bank of Fiji Says Crypto Not Recognised as Legal Tender

📊 The central bank of the Pacific island country of Fiji has released a note to the public cautioning that cryptocurrencies and virtual assets such as Bitcoin, Ethereum, and Tether are not recognised as legal tender in the country. In an announcement, the Reserve Bank of Fiji said it is illegal for any individuals to purchase or invest in cryptocurrencies using funds held in Fiji

🛍 The bank reminded the public that as per the RBF Act (1983) legal tender in Fiji is currency notes and coins issued or deemed to have been issued by the Reserve Bank of Fiji. The Fijian dollar has been the currency of Fiji since 1969 and was also the currency between 1867 and 1873.

⚡️ None of the Pacific Island countries officially utilize private cryptocurrencies or stablecoins, but Fiji, Palau, Solomon Islands, and Vanuatu, have been exploring the concept of central bank digital currencies (CBDCs). The vast majority of Fijians rely on cash for most of their daily transactions.

💸 The Reserve Bank of Fiji Governor Ariff Ali has acknowledged that there are businesses promoting cryptocurrency investment schemes in Fiji through various platforms including social media.

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Reserve Bank of Fiji Says Crypto Not Recognised as Legal Tender

📊 The central bank of the Pacific island country of Fiji has released a note to the public cautioning that cryptocurrencies and virtual assets such as Bitcoin, Ethereum, and Tether are not recognised as legal tender in the country. In an announcement, the Reserve Bank of Fiji said it is illegal for any individuals to purchase or invest in cryptocurrencies using funds held in Fiji

🛍 The bank reminded the public that as per the RBF Act (1983) legal tender in Fiji is currency notes and coins issued or deemed to have been issued by the Reserve Bank of Fiji. The Fijian dollar has been the currency of Fiji since 1969 and was also the currency between 1867 and 1873.

⚡️ None of the Pacific Island countries officially utilize private cryptocurrencies or stablecoins, but Fiji, Palau, Solomon Islands, and Vanuatu, have been exploring the concept of central bank digital currencies (CBDCs). The vast majority of Fijians rely on cash for most of their daily transactions.

💸 The Reserve Bank of Fiji Governor Ariff Ali has acknowledged that there are businesses promoting cryptocurrency investment schemes in Fiji through various platforms including social media.
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Reserve Bank of Fiji Says Crypto Not Recognised as Legal Tender

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