• Sitiveni Rabuka, the new Prime Minister of Fiji, is reportedly considering the adoption of Bitcoin as legal tender.
• Lord Fusitu’a, a former member of parliament of neighboring nation Tonga, has confirmed that the Fijian politician is a bitcoin bull.
• Both countries could benefit tremendously from bitcoin adoption in two specific areas; remittances and mining.
Sitiveni Rabuka recently took office as the new Prime Minister of the Pacific Islands of Fiji. Now, it seems the new PM is actively considering the adoption of bitcoin as legal tender there. This would be a groundbreaking move for the region, as it would be the first time a nation in the Pacific Islands has made such a move.
Lord Fusitu’a, a noble and former member of parliament of neighboring nation Tonga, has reportedly confirmed that the Fijian politician is a bitcoin bull. Fusitu’a shared the news on Twitter, writing “A new pro-#Bitcoin friendly Prime Minister in the South Pacific. Fiji’s newly elected Prime Minister @slrabuka. Let’s go 2 for 2 – BTC Legal Tender Bills for the Pacific in 2023,” hinting at Tonga’s own Bitcoin legal tender legislation that could reportedly go live as early as Q2 2023.
Both countries could benefit tremendously from bitcoin adoption in two specific areas; remittances and mining. 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. This means that if the two countries were to adopt Bitcoin as legal tender, the citizens of the countries could send and receive remittances much easier and quicker.
When it comes to mining, both countries can take advantage of their geology. With the right infrastructure and regulatory framework, these countries could become major players in the crypto mining industry. With the current surge in the price of Bitcoin, this would be a great way to attract investment and bring much needed capital into the region.
It remains to be seen if the two countries will move forward with the adoption of Bitcoin as legal tender. However, with a pro-bitcoin Prime Minister in office, it seems more likely than ever before. Only time will tell if the dream of a Pacific bitcoin paradise will become a reality.