Cryptocurrency Appeal for Fiji?

Starter Story, an online platform that shares business stories and ideas, floats the notion that a cryptocurrency real estate business can be set up in Fiji under the headline, The 65 Best Business Ideas in Fiji [2024].

A cryptocurrency real estate business, according to the article, involves the use of cryptocurrency in real estate transactions.

The problem though is that cryptocurrency is not a valid legal tender in Fiji, so making and accepting digital currencies as payments are prohibited.

The list by Starter Story included viable businesses that already exist in Fiji, such as an online retail store, software development company, and real estate business.

Local entrepreneur Rakin Wahed called the article an “ad-hooked article”.

“It uses your IP address or the country you are in to show you an article based on that,” he said.

“It changes based on where you are, but it’s just a generalised article on random business ideas.

“That means, if I was in Samoa it would say ‘best business ideas in Samoa’ or Tonga.”

It’s safe to say that a cryptocurrency real estate business is not only a random business idea for Fijians, but nonviable.”

Cryptocurrency has worked and failed all over the world, and across different industries.

Mr Wahed said he couldn’t see any real returns of it for small developing countries like Fiji even when there could be strong incentives for it.

“El Salvador adopted crypto and it is a complete mess,” he said.

In 2021, El Salvador was the first nation to make Bitcoin a legal tender.

“Today, you could have $10,000 worth of crypto, but tomorrow it would be worth nothing and the following day it’s worth thousands again,” Mr Wahed said.

While cryptocurrency isn’t recognised by the Reserve Bank of Fiji, the owner of real estate business Bayleys Fiji, Philip Toogood said we could see it play a role in the property market soon.

“This may change moving forward and is something to keep an eye on.”

Feedback: jernese.macanawai@fijisun.com.fj