Crypto Use Talk

The Reserve Bank of Fiji (RBF) revealed yesterday it was weighing its options on the use of a digital currency, crypto, in Fiji.

Commonly known as cryptocurrency, a recent survey found that the currency was used by some Fijians to pay for services.

The United Nations Capital Development Fund (UNCDF)’s digital and financial literacy baseline survey reported three per cent of 1,678 people use cryptocurrency.

Cryptocurrency is the decentralised digital money based on block chain technology and secured by cryptography, said Forbes, which includes bitcoin.

There are benefits, but it has to be balanced with the risks, said RBF chief manager financial system development, Caroline Waqabaca.

Even though it is small, cryptocurrency has been adopted by several central banks worldwide.

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Story by: josefa.babitu@fijisun.com.fj