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Fiji Central Bank Caution on Cryptocurrencies
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 recognized as legal tender in the country.
Legal Tender Reminder
- The Reserve Bank of Fiji stated that it is illegal for individuals to purchase or invest in cryptocurrencies using funds held in Fiji.
- As per the RBF Act (1983), legal tender in Fiji is currency notes and coins issued by the Reserve Bank of Fiji.
- The Fijian dollar has been the country’s currency since 1969.
Individuals breaching the central bank’s stance on cryptocurrency use may face penalties under the RBF Act (1983) and the Exchange Control Act (1950).
Central Bank Digital Currencies (CBDCs)
While Pacific Island countries do not officially use private cryptocurrencies or stablecoins, Fiji, Palau, Solomon Islands, and Vanuatu are exploring central bank digital currencies (CBDCs).
The majority of Fijians rely on cash for daily transactions.
Regulatory Developments
Last year, over 40 countries made significant progress in advancing crypto-focused regulations and legislation in 2023, signaling a global trend towards wider cryptocurrency adoption.
A report from PriceWaterhouseCoopers (PwC) highlighted that countries are focusing on stablecoin regulation, travel rule compliance, licensing and listing guidance, and overall crypto framework development.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
