Reserve

Cryptocurrency

Prime

In a recent press release, the Reserve Bank of Fiji (RBF) <a href="https://www.rbf.gov.fj/press-release-no-08-rbf-cautions-public-on-the-use-of-and-investment-in-cryptocurrencies-and-virtual-assets/" target="_blank" rel="noreferrer noopener" data-wpel-link="external">warned</a> 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. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/15/germanys-lbbw-bank-forges-into-crypto-custody-with-bitpanda/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Germany’s LBBW Bank Forges into Crypto Custody with Bitpanda</a> 
</blockquote>

Fiji Central Bank Warns Against Cryptocurrency Use

The Crypto Times

Other articles published on Apr 15, 2024

Pendle Price Recovery Faces Whale Headwinds, Will $5 Support Hold?

Analyst Unveils Key Altcoin Market Predictions and Strategic Insights

Altcoins Ready to Challenge Bitcoin Dominance – Altseason is ALMOST HERE

Solana Flashes Mixed Signals Near $150 Amid Bearish On-Chain Metrics: Is The SOL Price Setting A ...

Breaking: Germany’s Biggest Federal Bank Partners Bitpanda To Offer Crypto Custody

Whale Investments in MEW and SLERF Surge, Shaping Market Trends: Report

Join our free newsletter for daily crypto updates!