• Sitiveni Rabuka, the new Prime Minister of Fiji, is reportedly considering the adoption of Bitcoin as legal tender.
• Lord Fusitu’a, a noble and former member of parliament of Tonga, has confirmed that Rabuka is pro-Bitcoin.
• The adoption of Bitcoin in Fiji and Tonga could benefit the two countries in terms of remittances and mining.
Fiji has recently seen a change in leadership, as Sitiveni Rabuka has taken office as the new Prime Minister of the Pacific Islands of Fiji and is reportedly considering the adoption of bitcoin as legal tender. Lord Fusitu’a, a noble and former member of parliament of neighboring nation Tonga, has confirmed that the Fijian politician is a bitcoin bull.
Lord Fusitu’a shared the news on Twitter, stating “A new pro-#Bitcoin friendly Prime Minister in the South Pacific. Fiji’s newly elected Prime Minister @slrabuka.” He went on to hint at the legal tender legislation, saying “Let’s go 2 for 2 – BTC Legal Tender Bills for the Pacific in 2023.” This potential legislation came to light after El Salvador’s Bitcoin Law came into effect.
The adoption of Bitcoin in Fiji and Tonga could benefit these countries 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. Mining could also be a great opportunity for both countries, as they could take advantage of their geology to power bitcoin mining operations.
It remains to be seen if the new Prime Minister of Fiji will move forward with the adoption of Bitcoin as legal tender, but the news of his pro-Bitcoin stance is certainly encouraging. If the legislation is successful, it could provide much-needed relief to both countries in terms of remittances and mining. The next few months will be interesting to observe, as the new Prime Minister of Fiji solidifies his stance on Bitcoin.