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Pacific

Bitcoin

The Reserve Bank of Fiji (RBF) has issued a warning to the public against using cryptocurrency for payment or investment. This is a reversal of the Fijian prime minister’s perceived position on crypto.
Fijian residents may even face criminal charges for investing in cryptocurrency abroad using “funds held in Fiji,” the release <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="noopener noreferrer nofollow">added</a>. Apparently, the warning was motivated by cryptocurrency promotion in the country:
<blockquote>
 “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.”
</blockquote>
The RBF has not licensed any person or entity to provide cryptocurrency investments or trade in virtual assets, it said.
Hopes were high for the adoption of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) in Fiji after Sitiveni Rabuka, a long-time presence on Fiji’s political scene, became prime minister in December 2022. This was mainly due to the pronouncements of Tongan member of parliament and nobleman Mata'i'ulua 'i Fonuamotu, Lord Fusitu’a, who labeled Rabuka “pro-Bitcoin” in an X (then Twitter) post shortly after Rabuka’s election. “Let’s go 2 for 2 - BTC Legal Tender Bills for the Pacific in 2023,” Fusitu’a posted.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/83ea71e0-a638-4d73-b5aa-c2abe667854d.png" alt="" title="">
 <figcaption style="text-align: center;">Source: Lord Fusitu'a.
 </figcaption>
</figure>
Lord Fusitu’a went on to explain that Rabuka “asked me to meet with him a number of times &amp; show him step by step how Fiji can do bitcoin legal tender like Tonga.” A comment on Fusitu’a’s post noted that Rabuka had not made any public statements on the use of Bitcoin. “I don’t think he’s been asked about it,” Lord Fusitu’a replied.
Lord Fusitu’a <a href="https://cointelegraph.com/news/volcanos-bitcoin-and-remittances-a-tongan-lord-plans-for-financial-security" rel="noopener noreferrer nofollow">was a vocal proponent</a> of the introduction of Bitcoin in 2022, to the extent of converting the national treasury to the cryptocurrency. Those measures have yet to be enacted in the country.
Related: <a href="https://cointelegraph.com/news/island-nation-turns-to-metaverse-to-preserve-its-disappearing-heritage" rel="noopener noreferrer nofollow">Island nation turns to metaverse to preserve its disappearing heritage</a>
The new statement from the RBF <a href="https://cointelegraph.com/news/imf-urges-careful-design-slow-introduction-pacific-island-digital-currencies" rel="noopener noreferrer nofollow">is in line with the advice</a> of the International Monetary Fund (IMF) on cryptocurrency. The IMF released a paper on the use of digital money in Pacific Island countries in February in which it called cryptocurrencies “poor substitutes for means of payment, and they carry additional macroeconomic risks.”
Magazine: <a href="https://cointelegraph.com/magazine/20-wild-attempts-to-create-crypto-micronations-or-communities/" rel="noopener noreferrer nofollow">Why are crypto fans obsessed with micronations and seasteading?</a>

Fiji central bank warns against crypto use, disappointing Bitcoin hopes

Cointelegraph

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