The Consumer Council of Fiji has raised alarm over a surge in illegal virtual asset training schemes being aggressively promoted on social media platforms, especially TikTok. These schemes are aimed at enticing local residents with false promises of high returns through educational trading programs, which often come with hefty fees for both online and in-person sessions.
Seema Shandil, the Chief Executive of the Consumer Council, noted that investigations have uncovered a group operating under the name “VitiCrypto,” which reportedly charges participants approximately $300 for online training conducted via Zoom. These programs not only mislead individuals about the legitimacy of their offerings but also encourage them to engage in cryptocurrency transactions. The schemes misleadingly assert that banks are unable to handle such transactions, promoting the use of alternative money exchange platforms instead.
Shandil highlights that the provision or promotion of virtual asset services is illegal in Fiji. She urges the public to remain cautious and avoid any schemes that may suggest otherwise. This warning is supported by an advisory issued by the Reserve Bank of Fiji on September 5, 2025, clarifying that, under the RBF’s Budget Amendment Act 2025, no individual or entity is authorized to operate, facilitate, or market any virtual asset service activities within or from Fiji, nor to residents of Fiji.
Those who violate this legislation face significant penalties, including fines up to one million dollars and/or imprisonment for up to 14 years. Shandil warns that involvement with these schemes can lead to substantial financial losses and legal risks. She emphasizes the importance of staying informed and vigilant in order to protect oneself from potential fraud.
The proactive stance taken by the Consumer Council and the Reserve Bank of Fiji exemplifies their commitment to safeguarding the public from deceptive practices as interest in virtual assets rises. This vigilance not only serves to inform residents but also fosters a safer environment, encouraging responsible engagement with emerging financial technologies.