Bitcoin Enthusiast Sitiveni Rabuka Elected Fiji’s Prime Minister
Fiji is set for a Pro-Bitcoin reign as newly elected Sitiveni Rabuka assumes the prime minister’s office.
News of the Sitiveni win triggered speculation among the crypto community that the new leader will expedite Bitcoin adoption. Rabuka, who assumed the Fijian office on December 24, has advocated making Bitcoin a legal tender in the Pacific Islands. Besides, Rabuka admired Tonga’s milestone in making Bitcoin a legal tender.
Rabuka Advocacy for Bitcoin Adoption
Lord Fusitu revealed Rabuka’s advocacy for Bitcoin adoption via Twitter. The former parliamentarian in Tonga revealed that the neighboring nation’s new leader requested a detailed process of replicating Tonga’s decision to make Bitcoin a legal tender.
Fusitu confessed that Rabuka’s advocacy for Bitcoin was evident in the Zoom meetings. The Tongan politician believes Fiji could soon have two crypto bills tabled in 2023. Rabuka lauded Tonga’s achievements as the Pacific nation will introduce Bitcoin as a legal tender by February 2023.
Resolving Fiji’s Economic and Infrastructural Challenges
Due to their proximity and history, Fiji confronts economic and infrastructural challenges comparable to Tonga. Nonetheless, Fiji’s population of 900000 exceeds Tonga’s by nine times.
The adoption of Bitcoin will enable Fiji to realize financial inclusion. The geographic situation involves 330 islands within the Pacific Ocean. Although a middle-income country, it confronts socioeconomic and development challenges, including fossil fuels dependency, rising poverty rates, and limited financial access. Bitcoin could improve the country’s remittances, estimated by the Word Bank to constitute 11% of the annual GDP. In addition, Bitcoin has the potential to trigger financial inclusion for the unbanked similar to the El Salvador context.
Viability of Bitcoin Adoption in Fiji
Fusitu believes that Fiji could conduct a Bitcoin mining experiment within its volcanic islands. He notes that Fiji can leverage the underutilized hydro and renewable energy in nationalized crypto mining. In particular, Bitcoin mining has the potential to become the lever to unlock Fiji’s renewable energy in line with the 2030 National Development Plan.
Contrary to the Vanuatu decision to ban crypto use in 2021, a proBitcoin leader in the executive could translate to the formulation of concrete policy.
Fusitu’s confession portrays that Bitcoin has the potential to improve remittances given the low fees, unlike the costly money transfer channels. Also, Bitcoin can replace conventional retail banking with self-custodial wallets.
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