The Reserve Bank of Fiji (RBF) has issued a warning on the use of cryptocurrencycurrencies for investments or payments. This decision follows requests for the nation to restrict the marketing of cryptocurrencycurrencies.
The statement restated both the International Monetary Fund’s (IMF) recommendation and the position of the RBF. The IMF noted several hazards associated with cryptocurrencycurrencies and called them “poor substitutes for means of payment” in a document published in February.
Ariff Ali, the governor of the bank, boasts with pride that social media platforms have helped to promote the campaign extensively online. No businesses have been given the opportunity to hold or trade cryptocurrencycurrency assets by the RBF.
When Sitiveni Rabuka’s appointment as prime minister in December 2022, there have been high hopes for the future of Bitcoin adoption among Fijians. By promoting the use of Bitcoin in addition to the Fijian money as legal tender, Lord Fusitu’a started this on X. The prime minister himself hasn’t made any official statements as of yet, which may indicate that none will be issued.
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