A newly elected pro-Bitcoin prime minister has taken office in the Pacific Islands of Fiji. Reportedly, on December 24, 2022, the new leader named Sitiveni Rabuka assumed the Fijian office, as stated by Cointelegraph.
According to Cointelegraph, Lord Fusitu’a, a Tongan noble and a previous member of the Tongan parliament, revealed the update through Twitter, along with providing the explanations to Rabuka on “how Fiji can do Bitcoin legal tender like Tonga,” and there could be two “Legal Tender Bills for the Pacific in 2023.”
On the basis of information by Cointelegraph, Tonga’s timeline around Bitcoin’s introduction as a legal tender is public and could pass in February, 2023. Reportedly, Tonga’s location and history poses economic and developmental challenges for Fiji. It is believed that Bitcoin’s capability to better Fiji’s financial inclusion is significant on account of the country’s geographical and economical factors.
“Like Tonga, how to do nationalized Bitcoin mining, specifically how we were going to do geothermal volcano mining so they could both do the same but also make use of their massive hydro and other renewable stranded energy they have, which we don’t,” Fusitu’a stated.
Moreover, Cointelegraph noted that Fiji’s take on Bitcoin is with regard to other countries in the Asia-Pacific region has been careful with its approach towards crypto. Cryptocurrencies’ usage was banned till 2021 but the Satoshi Island crypto project has developed the path for digital asset-based developments.
(With insights from Cointelegraph)