Fiji’s New Prime Minister Loves Crypto and Pushes for a Bitcoin Bill
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Sitiveni Rabuka is the new Prime Minister of the Pacific Islands of Fiji. That wouldn’t be big news in the crypto world if it wasn’t for his undying love and support for the crypto industry. It’s rare to see a politician backing Bitcoin and cryptocurrencies up, but Rabuka is very active in finding a way to making Bitcoin legal tender.
While his desire hasn’t been expressed so publicly, one of his closest allies—Lord Fusitu’a—has confirmed he’s a bull. He confirmed the same on Twitter, and hinted at a big possibility to turn Bitcoin to legal tender.
Small Country, Big Changes
Fiji is a small island in the Pacific that’s looking to follow in Tonga and El Salvador’s footsteps. The latter became the world’s first country to legalize Bitcoin fully, with the island of Tonga following later. Fiji is set to become the third, and it’s all thanks to Rabuka’s election to PM.
Lord Fusitu’a wrote on Twitter that he expects a bill drafted soon that will make Bitcoin legal tender in Fiji. He hinted at Tonga’s own bill that should go live in the first few months of 2023. Tonga’s Bitcoin dream started right after El Salvador declared it legal tender, and now Fiji might join the party.
The Primer Minister apparently talked to Fusitu’a via Zooms last year, asking for how such a bill could be implemented. He explained the process in detail and told the now-PM that everyone would benefit from such a move. More specifically, it would help with Fiji’s mining and remittance problems.
According to newly-released data, Fiji’s remittances for 2021 accounted for a total of 11.3% of the country’s GDP. In Tonga, remittances had a highest point of 45.5% before making Bitcoin legal tender.
Mining is an important part of both countries’ financial structure. Since they’re volcanic, Bitcoin mining is a certain fit. Just look at what El Salvador is doing with its Bitcoin bonds. Fiji has an upper hand – it has amazing hydro capacity, making it a perfect spot for Bitcoin miners. It’s obvious that the country will benefit by adopting Bitcoin, but the trigger has yet to be pulled.
When Is Such a Move Expected?
There are no clear plans for Fiji’s Bitcoin adoption as of now. Rabuka just became the country’s new Prime Minister, and there’s a lot of work to be done in other areas before legalizing Bitcoin as tender. Tonga’s bill is planned to go live in Q2 2023, and Fiji may not wait soon considering the new PM’s crypto support.
Even in an obvious bear market, countries are now seeing the potential Bitcoin brings to the table. It’s the best way to break free from the centralized finance chains. Fiji’s volcanic nature and hydro capacity make it a perfect spot for Bitcoin mining, without having a negative effect on the surroundings. It’s the same with Tonga. The Pacific region is set to accept Bitcoin soon, and may set an example many others will follow.
