Fiji PM Considering Bitcoin Adoption: Benefits for Pacific Islands Nations
• Sitiveni Rabuka, the new Prime Minister of Fiji, is reportedly considering adopting Bitcoin as legal tender.
• Lord Fusitu’a, a noble and former member of parliament of neighboring nation Tonga, has confirmed that Rabuka is a bitcoin bull.
• The adoption of Bitcoin could benefit both countries by providing an alternative to remittances and by utilizing the geology of the region for mining.
Sitiveni Rabuka recently took office as the new Prime Minister of the Pacific Islands of Fiji, and it seems he is actively considering the adoption of Bitcoin as legal tender there. Lord Fusitu’a, a noble and former member of parliament of neighboring nation Tonga, has confirmed that the Fijian politician is a bitcoin bull and expressed this opinion on Twitter, hinting at the legal tender legislation that could potentially go live as early as Q2 2023.
The adoption of Bitcoin in Fiji could provide a wide range of benefits to both countries. For one, remittances sent to Fiji accounted for 11.3% of the country’s gross domestic product (GDP) in 2021, per World Bank data. Tonga’s situation is even more dramatic –– remittances were a whopping 45.5% of the nation’s GDP in 2021. The adoption of Bitcoin could provide an alternative to traditional remittances and help reduce the cost of sending money to and from these countries.
In addition, both countries can take advantage of their geology for mining. Fiji and Tonga are located in the Pacific Ring of Fire, an area of frequent seismic and volcanic activity, making it an ideal setting for mining. Mining with renewable energy sources such as solar and hydroelectricity could provide a much-needed boost to the economy and create jobs in the area.
It remains to be seen if the adoption of Bitcoin as legal tender in Fiji will come to fruition, but if it does, it could prove to be a major catalyst for economic growth in the region. With the backing of the new Prime Minister and the support of Lord Fusitu’a, there is certainly a lot of potential for the adoption of Bitcoin in these two countries.