Reserve Bank of Fiji has declared the use and purchase of digital assets illegal due to concerns about volatility and security.
On April 15, the Reserve Bank of Fiji (RBF) announced that the use of Bitcoin and other cryptocurrencies as a method of payment is considered illegal in the country. The move comes in response to the growing promotion on social media of cryptocurrency investment platforms in Fiji.
The Governor of the Reserve Bank of Fiji, Ariff Ali, emphasized that the central bank has not licensed or authorized companies to offer cryptocurrency investments or operate digital asset businesses in the country.
In the announcement, the RBF also stated that it is illegal for any individual to purchase cryptocurrencies using funds held in Fiji.
The statement references the RBF Act of 1983, which stipulates that the only legally acceptable form of payment in the country is banknotes and coins directly issued by the RBF.
Those who violate the rules set by the central bank may be subject to penalties under the RBF Act (1983) and the Exchange Control Act (1950).
