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In a surprising move, the Reserve Bank of Fiji has warned against using cryptocurrencies for payments or investments, reversing earlier expectations stirred by the Prime Minister's pro-Bitcoin stance. This advisory comes amidst growing promotions of crypto investment schemes in the nation.
Reserve Bank of Fiji Issues Stark Warning Against Cryptocurrency Amid Rising Speculation and Advocacy
The Reserve Bank of Fiji (RBF) has cautioned the public to avoid using cryptocurrency for payment or investment, per Cointelegraph. This reversals the Fijian prime minister's perceived position on cryptocurrency.
According to the announcement, Fijian nationals may face criminal prosecution if they invest in bitcoin abroad using "funds held in Fiji." The warning appears to have been driven by bitcoin advocacy in the country.
“The Governor of the RBF, Mr. Ariff Ali acknowledges that there are indications of persons or entities promoting cryptocurrency investment schemes in Fiji. These investment schemes are increasingly being promoted through various platforms including social media.”
The RBF stated that no individual or company has been licensed to provide Bitcoin investments or trade virtual assets.
Sitiveni Rabuka, a long-time political figure in Fiji, became prime minister in December 2022, raising hopes for Bitcoin acceptance. This was mostly due to the comments of Tongan member of parliament and nobleman Mata'i'ulua 'i Fonuamotu, Lord Fusitu'a, who called Rabuka "pro-Bitcoin" in an X (then Twitter) post immediately after Rabuka was elected. "Let's go 2 for 2 - BTC Legal Tender Bills for the Pacific in 2023," Fusitu'a wrote on his Facebook page.
Fiji Considers Bitcoin as Legal Tender, Clashes with IMF's Cautious Stance on Cryptocurrencies
Lord Fusitu'a said Rabuka "asked me to meet with him several times & show him step by step how Fiji can do bitcoin legal tender like Tonga." A comment on Fusitu'a's post pointed out that Rabuka had not made public pronouncements about Bitcoin use. "I don't think he's been asked about it," Lord Fusitu'a said.
Lord Fusitu'a was a vocal supporter of Bitcoin's arrival in 2022, even converting the national treasury to cryptocurrency. However, the measures have yet to be implemented throughout the country.
The RBF's latest stance is consistent with the International Monetary Fund's (IMF) recommendations on cryptocurrency. In February, the IMF produced research on the usage of digital money in Pacific Island countries, describing cryptocurrencies as "poor substitutes for means of payment, and they carry additional macroeconomic risks."
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