Global Investment News Site

Bitcoin Is Being Offered As a Legal Tender


The recently elected president of Fiji has expressed his support for Bitcoin and is now considering introducing legislation to make it legal in the country.

Bitcoin mining could be the catalyst for the development of renewable energy in Fiji. Sitiveni Rabuka, a pro-Bitcoin activist, was recently appointed Prime Minister of Fiji’s Pacific Islands. Amazingly enough, Mr. Rabuka is seriously considering legalizing Bitcoin in his country. Although Rabuka was tight-lipped about his opinion on Bitcoin, Lord Fusitu’a, a respected former MP from Tonga, has reportedly agreed that Fijian politics is, in fact, a strong cryptocurrency and – support.

Lord Fusitu’a took to Twitter to share news from their neighboring country. He said he explained to Rabuka how Fiji would treat Bitcoin as a legal challenge, like Tonga. He predicted that two bills would be proposed for the Pacific by 2023. Lord Fusitu’a explained to Cointelegraph in a Twitter message that “the new Prime Minister is pro-Bitcoin”.

Last year, he asked to meet with me via Zoom to be guided through the process of accepting Bitcoin as legal tender. With my help, he can understand and apply the necessary steps.

Let you be the first to know about the news with The Investment News Telegram channel!

Bitcoin as a New Tool to Improve Money Transfers in Fiji

By February 2023, Tonga’s timeline to introduce Bitcoin as legal tender could become a reality. Like Tonga, Fiji faces development and economic risks related to its historical position; However, due to the population of almost 900,000 people, it is almost nine times that of Tonga.

Given its geographic location and economic status, Bitcoin can improve financial inclusion in Fiji. The country has more than 330 islands spread across the Pacific Ocean. Although it is classified as a middle-income country, the poverty rate is still unexplainably high, and the lack of access to economic services/products and the ability to depend on fossil fuels – are make BTC a good solution for Fijians.

According to the World Bank, Fiji has achieved a significant GDP growth of 11% from exports alone. Although recent years have seen a steady increase in investment in the country, only 50% of women have access to a bank account, indicating that there is still a long way to go.

Bitcoin can be a powerful tool to convert export funds, countries that do not have banks and can transform Fiji into an international mining center. Following El Salvador’s example of legalizing bitcoin is a way for other countries to take advantage of its influence. Fusitu’a explained further:

Tonga, a country with abundant water and renewable energy, could benefit from mining bitcoins through geothermal extraction from volcanoes. This system is very different from ours because we do not have a large source of clean energy that is not being used.

Lord Fusitu’a Bitcoin mining can be a catalyst for renewable energy development

As part of Fiji’s 20-year national development plan, the islands will transition completely to renewable energy sources by 2030. To achieve this goal, another 120 MW of sustainable energy is needed – and the introduction of bitcoin can prove to be an important solution that unlocks these benefits.

Fiji stands out from other countries in the Asia-Pacific region by adopting the approach of accepting Bitcoin. At the same time, Vanuatu has been more cautious about cryptocurrencies. Until 2021, the Satoshi Island Crypto Project emerged as a plan to facilitate the adoption of digital assets in Fiji – however, this was recently banned.

Finally, the election of a pro-Bitcoin leader in Fiji is a step forward. It remains to be seen how this support will translate into practical legislation, but bitcoin may be denied to expand financial access in the country. Lord Fusitu’a declared that Bitcoin could revolutionize GDP remittances by removing reliance on expensive money transfer services such as Western Union. He suggested replacing traditional commercial banks with BTC wallets so that citizens can hold their money.

Leave A Reply

Your email address will not be published.