Sitiveni Rabuka took office on December 24th and has received support from Lord Fusitu'a, a Tongan noble and former member of the Tongan parliament. Lord Fusitu'a has stated that he explained to Rabuka how Fiji can adopt Bitcoin as a legal tender, similar to Tonga, and that there could be two "Legal Tender Bills for the Pacific in 2023." Tonga is planning to introduce Bitcoin as a legal tender as early as February 2023.
Fiji's Potential for Improving Financial Inclusion through Bitcoin Adoption
The potential for Bitcoin to improve financial inclusion in Fiji is significant, given the country's geography and economic situation. Fiji is made up of over 330 islands in the Pacific Ocean and is classified as a middle-income country. However, it still faces development challenges, such as high poverty rates, limited access to financial services, and energy dependence on fossil fuels. With a population of almost 900,000, the adoption of Bitcoin in Fiji could have a larger impact compared to its neighboring nation, Tonga, which has a population of around 100,000.
Fiji's Prime Minister Is Pro-Bitcoin, Willing to Explore Legal Tender Adoption
According to Lord Fusitu'a, the new Prime Minister of Fiji, Sitiveni Rabuka, is definitely pro-Bitcoin and has expressed interest in exploring the adoption of Bitcoin as a legal tender. Lord Fusitu'a shared in a Twitter message that he had met with Rabuka via zoom to discuss the steps necessary for Fiji to adopt Bitcoin as legal tender, similar to Tonga.
Conclusion
The election of a pro-Bitcoin Prime Minister in Fiji signals a positive future for the adoption of Bitcoin in the Pacific Island nation. The willingness of the Prime Minister to explore the adoption of Bitcoin as a legal tender demonstrates a forward-thinking approach to addressing the challenges faced by the country and promoting financial inclusion.
