Fiji may be great to adopt bitcoin

 

Fiji may be great to adopt bitcoin

El Salvador is a case study of potential disruptions a country can face when allowing bitcoin to be used as a legal currency.

Most of this cash is concentrated around two factors:

• the decline in bitcoin use in

• the Central American country and the dramatic drop in

• the cryptocurrency rate in 2022.

However

1. the adoption of bitcoin as a legal
2. currency remains a potential catalyst for
3. the longer-term use of bitcoin

While larger developed countries may not adopt

cryptocurrency as legal currency

• It should also be noted that Brazil

• Latin America's largest economy

• recently approved bitcoin as the currency of the payment method.

Fiji may be the next country to study bitcoin as legal currency.

• Newly elected Pacific Islands Prime Minister Sitivini Raboka

• is a bitcoin supporter, although he has not explicitly said that

• the country's national adoption of bitcoin is a top priority of his administration

Other politicians in the region believe Raboka can pursue some pro-bitcoin ideas.

Fusitwa

a former member of parliament in neighbouring Tonga

said Rabuka was "definitely in favour of Bitcoin."

He said he had held talks with Fiji's new Prime Minister on how to strengthen the two countries to adopt bitcoin.

Now

Fiji could be next in bitcoin mode under its definition of legal currency.

According to Bitcoin magazine

• Fusitwa said Fiji's new prime minister asked to meet me

• which we have done through zoom since last year to

• guide him step by step, and how he can legally adopt bitcoin.

Fiji and Tonga unite for 1 million people

That's probably not enough to spur a big price move in the digital currency

the two countries have other ways to

be positive contributors to the bitcoin ecosystem.

This includes mining and accepting bitcoin as a form of remittance

or entering cash into countries from other jurisdictions.

Remittances are a major factor in countries' GDP

indicating that if Fiji and Tonga both embrace bitcoin

this could be positive for the wider digital asset space.

In addition

1. both countries represent
2. environmentally friendly destinations for
3. cryptocurrency mining activity.

When it comes to mining :

• both countries can benefit from their geology.

• Considering that the island is volcanic, there are numerous options to

• experience and profit from bitcoin mining.

State of Fiji

is an island state in Melanesia in

2,000 kilometers to the northeast of

New Zealand's North Island is the South Pacific Ocean.

Its closest neighbours are Vanuatu to the west and France's New Caledonia to the south-west and New Zealand's Karmadek to the south-east and Tonga to the east and France's Wallis and Futuna, Samoa to the north-east and Tuvalu to the north.

In the seventeenth and eighteenth centuries

• the Dutch and British explored Fiji. Fiji became a British colony until 1970

• when the British occupation lasted for nearly a century.

• Because of the abundance of forests

• minerals and fish resources

Fiji is one of the most developed economies among the Pacific islands.

1. Current major sources of
2. foreign exchange come from
3. the tourism industry and sugar exports.

The Fijian dollar is used as the national currency.

Fiji has a local governance system where municipal councils are under the overall supervision of the Ministry of Local Government and Urban Development.

Ratu Ebele Nilateco became President of Fiji

• after the Supreme Court ruled that the military leadership appointed

• after the 2006 coup d 'état was illegal. During World War II

• Thousands of Fijians were permitted to volunteer in the UK to

assist in Allied efforts through a contingent attached to Australian and New Zealand forces. The military forces of the Republic of Fiji consist of the ground army and the naval force.