As of February 2020, Bitcoin is not legal in Papua New Guinea. The Central Bank of Papua New Guinea has issued a statement warning the public about the risks associated with investing in cryptocurrencies, and has made it clear that cryptocurrencies are not recognized as legal tender in the country.
This means that businesses are not obliged to accept Bitcoin as payment, and individuals are not protected by any lAWS if they choose to invest in cryptocurrencies.
While the Central Bank has not outright banned cryptocurrencies, it has advised the public to be cautious when investing in them. This is due to the volatile nature of the market, and the lack of regulation surrounding cryptocurrencies.
As such, there is a risk of losing money if you invest in Bitcoin or other cryptocurrencies.
If you are looking to invest in Bitcoin or other cryptocurrencies, it is important to do your research first. Make sure you understand the risks involved, and only invest what you can afford to lose.