Representatives of the central bank said that citizens of the country could face criminal charges for investing in bitcoins abroad using funds stored in Fiji. Officials accused social media of disseminating too much content promoting digital assets and related ways to make money.
The Reserve Bank emphasizes that all individuals and businesses should be prepared to lose funds if they decide to buy cryptocurrency on foreign trading platforms. The regulator emphasizes that it has not issued a license to any individual or company to offer citizens of the country access to digital assets.
In February 2024, the International Monetary Fund (IMF) published a paper on the use of digital currencies in Pacific island countries. The IMF called cryptocurrencies a poor substitute for fiat funds, carrying additional macroeconomic risks.
Earlier, the Fiji Financial Intelligence Unit warned residents of the country about the widespread use of elements of social engineering in cryptocurrency fraud.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
