Cryptocurrencies

Cryptocurrencies, also known as virtual currencies or digital currencies, are a form of electronic money. However, they are not legal tender and do not physically exist as coins or notes.

An example of a cryptocurrency unit is a Bitcoin or Ether (Ethereum). These digital tokens are created from code using an encrypted string of data blocks, known as a Blockchain.

Cryptocurrency transactions occur directly from person to person without requiring a central party (such as a bank) to verify or record the transactions. This is unlike most conventional payment methods, such as electronic bank transfers, which rely on a central party such as a bank to record the transactions, including details of the ultimate beneficiary of any payment.

Given the anonymity provided by cryptocurrency transactions, and their worldwide reach, there is a risk they will be used to facilitate criminal activities. In addition, the current fascination with cryptocurrencies has potentially added to the speculative nature of investing in them, and has raised concerns around consumer protection.

Therefore, due to concerns regarding the ability of BSP to access data to authenticate crypto-currency transactions, we wish to advise that our VISA cardholders will no longer be able to perform transactions using their BSP issued VISA card for cryptocurrency type transactions.

Should you have any questions relating to this subject, please contact our Customer Contact Centre on 132 888(within Fiji) or +679 3214 400 (from overseas) or email bula@bsp.com.fj