Fiji, an island country in South Pacific elects a pro-Bitcoin Prime Minister named Sitiveni Rabuka. This newly elected Prime Minster took the Fijian office on December 24, 2022. This new representation of the country signals the positive future of Bitcoin.
Lord Fustiu’a , a former member of the Tongan Parliament shared the news on Twitter stating that now Fiji could also possibly execute Bitcoin legal tender like Tonga and there can be two “Legal Tender Bills” for the Pacific island by 2023. Tonga has already made its timeline public for Bitcoin legal tender in February 2023.
Fiji which seems to follow in the same footsteps as Tonga also faces similar developmental and economic challenges due to its location and history. The population of Fiji is about 9 times more than that of Tonga. As a result, the potential for Bitcoin to improve financial inclusion is significantly more in for Fiji as the country faces challenges such as high poverty, limited access to financial services, huge energy dependency on fossil fuels, etc.
Alongside, the World Bank reports suggest that remittance into Fiji is about 11% of its GDP. On the other hand, Fiji’s National Financial Inclusion reports indicate the growth in financial inclusion for the country. Fiji‘s approach to Bitcoin is in contrast to the plans of other neighboring countries in the Asia Pacific region such as Vanuatu which takes cautious steps towards crypto.
The election of a pro–Bitcoin prime minister in Fiji is a part of the development process and channelizes the potential for Bitcoin in improving financial inclusion. Through this approach of Fiji, Bitcoin could help in bringing GDP remittance and undermine the dependency on costly money transfer services.
