Fiji plans to legalize bitcoin

The newly elected Prime Minister of the Fijian island nation Sitiveni Rabuka proposed to recognize the flagship cryptocurrency as a legal tender in the country. The news is reported by Cointelegraph with reference to the statements of the former member of the parliament of the Kingdom of Tonga, Lord Fusitua. If this happens, Fiji will become the fourth country after El Salvador, the Central African Republic, and Brazil to legalize bitcoin.

According to Fusitua, the Fijian prime minister is a longtime supporter of digital gold. New legislation on cryptocurrencies may be adopted by the state apparatus of both countries as early as 2023. Prime Minister Rabuka is also planning to meet with politicians from the Kingdom of Tonga to discuss the prospects for cryptocurrency payments between the countries and formulate a joint action plan.

As a reminder, on December 21, Brazilian President Jair Bolsonaro signed a law legalizing bitcoin. Now, Brazilians will be able to use CTS as a means of payment and an asset for investment. The document will come into force 180 days after signing and will allow 214 million citizens of the country to legally use the first cryptocurrency.

It should be added that El Salvador, which is loyal to bitcoin, has implemented the DCA strategy (a process where you can buy an asset for a fixed amount after a certain period of time) since November — the country buys 1 bitcoin every day. According to public data, El Salvador currently owns 2381 BTC at an average purchase price of $ 43,357. Thus, the country has spent almost $ 103.23 million on the purchase of BTC, and the value of the flagship crypto asset currently owned by the state is $ 39,183,164 (at the current exchange rate).