In a recent press release, the Reserve Bank of Fiji (RBF) warned against using cryptocurrencies in payments or investments. This decision comes on the heels of calls to regulate cryptocurrency marketing in the country.
The bank governor, Ariff Ali, claims that the campaign has been widely highlighted on the internet through social media channels. The RBF hasn’t allowed any companies to hold or trade crypto assets.
There have been high expectations about the future adoption of Bitcoin among Fijians since Sitiveni Rabuka became the new prime minister in December 2022. Lord Fusitu’a advocated for adopting Bitcoin as a legal tender in conjunction with the Fijian currency on X.
However, there haven’t been any official statements from the Prime Minister himself, suggesting the absence of any formal plans.
The RBF’s stance aligns with the International Monetary Fund’s (IMF) advice. In its February paper, the IMF stated that cryptocurrencies are “poor substitutes for means of payment” and highlighted some risks.
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