CRYPTOCURRENCY media outlets overseas are in a frenzy over the latest advisory from the Reserve Bank of Fiji reminding Fijians that cryptocurrencies and other virtual assets are not recognised here.
One even went to the extent of questioning Prime Minister Sitiveni Rabuka’s purported “consultation on introducing Bitcoin into the country,” which it claims took place before the elections but which now “seem to have been in vain”.
“Hopes were high for the adoption of Bitcoin in Fiji after Sitiveni Rabuka, a long-time presence on Fiji’s political scene, became prime minister in December 2022,” reported Cointelegraph, one of the leading crypto news websites in the industry.
“This was mainly due to the pronouncements of Tongan member of parliament and nobleman Mata’i’ulua ‘i Fonuamotu, Lord Fusitu’a, who labelled Rabuka ‘pro-Bitcoin’ in an X (then Twitter) post shortly after Rabuka’s election.”
Cointelegraph had immediately reported shortly after the national elections in December 2022 its correspondence with Lord Fusitu’a, in which he described Mr Rabuka as “definitely pro-Bitcoin”.
“He asked to meet with me which we did via zooms since last year to walk him through step by step, how he could adopt bitcoin legal tender.”
However, with the ability of virtual assets like cryptocurrencies to bypass the central bank control system, governments and central banks across the world have been struggling to put in place regulations to control it.
In its latest advisory, RBF said cryptocurrencies such as Bitcoin, Ethereum, Tether, etc are not legal tender in Fiji and any purchase of it by individual or entity from funds held in Fiji is illegal.
“Penalties under the Exchange Control Act may be applied if a Fijian resident invests abroad without the prior approval of the RBF.” || Crypto frenzy over central bank advisory || Crypto frenzy over central bank advisory
