Pro-Bitcoin politician Sitiveni Rabuka recently took office as Fiji’s new Pacific Islands Prime Minister. Now, it seems that the new prime minister is actively considering the adoption of bitcoin as legal tender there.
While Rabuka himself hasn’t been very public about his views on Bitcoin thus far, Lord Fusitu’a, a nobleman and former member of parliament from neighboring nation Tonga, has confirmed that the Fijian politician is a bitcoin bull.
“The new PM is definitely pro-Bitcoin,” Lord Fusitu’a assured Cointelegraph.
Lord Fusitu’a also shared the news on Twitter.
“A new #Bitcoin-friendly PM in the South Pacific. New Fiji Prime Minister Elect @slrabuka,” Lord Fusitu’a wrote, tagging Rabuka.
In the second part of his tweet, Lord Fusitu’a hinted at legal tender legislation. “Going 2 for 2 – Pacific BTC Tender Bills in 2023,” the tweet read, hinting at Tonga’s own Bitcoin Tender legislation that could reportedly be put in place. . as soon as the second quarter of 2023. the bitcoin dream started brewing in Tonga just after El Salvador’s Bitcoin Law came into effect.
Now, Fiji could be next to include BTC in its definition of legal tender. Mr. Fusitu’a said Cointelegraph that Fiji’s new prime minister “asked to meet with me, which we’ve done via zooms since last year to guide him step by step, how he might adopt the legal tender of bitcoin.”
Both countries could greatly benefit from bitcoin adoption 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, for World Bank data. Tonga’s situation is even more dramatic: remittances accounted for a whopping 45.5% of the nation’s GDP. in 2021.
When it comes to mining, both countries can take advantage of their geology. Being volcanic islands, there are plenty of opportunities to experience and profit from bitcoin mining. In addition, Fiji also has significant hydroelectric capacity.
