The Reserve Bank of Fiji has officially stated that using funds in Fiji to purchase or invest in cryptocurrency is prohibited by law, with potential penalties for violators. The majority of Fijians rely on cash for their everyday transactions. In its public notice, the central bank of Fiji clarified that cryptocurrencies like Bitcoin, Ethereum, and Tether are not recognized as legal tender in the nation.

Fiji's Stance on Cryptocurrency

The Reserve Bank of Fiji highlighted that as per the RBF Act (1983), currency notes and coins issued or recognized by the central bank serve as legal tender in Fiji. The Fijian Dollar has been the nation's currency since 1969, and previously from 1867 to 1873. Anyone found contravening the central bank's directive regarding cryptocurrency may face repercussions under the RBF Act (1983) and the Exchange Control Act (1950). While some Pacific Islands are exploring the potential of Central Bank Digital Currencies (CBDCs), Fijians predominantly rely on cash for daily transactions.

Exploration of Central Bank Digital Currency (CBDC)

The Governor of the Reserve Bank of Fiji, Ariff Ali, noted that certain entities are promoting cryptocurrency investment schemes within Fiji, often via social media platforms. The central bank explicitly stated that no license or authorization has been granted for individuals to engage in cryptocurrency investments or virtual asset trading within Fiji. Given this, the Fijian public is advised against participating in any cryptocurrency trading activities or investment schemes.

A Global Perspective on Crypto Regulation

Recent data from 2023 highlighted that over 40 nations had made progress in developing regulations for the crypto sector, indicating a global trend towards increased cryptocurrency acceptance. According to a 2023 report by PwC, various countries have implemented new regulations and laws focused on the cryptocurrency industry, reflecting the evolving landscape of global cryptocurrency adoption.