TechInPacific – Stanley Hotel in association with APEC 2018 claimed that it is not a part of blockchain team pushing for legislation in Parliament where it involves American Company, Ledger Atlas. The Blockchain Pasifik global event will take place in Port Moresby from October 10 to October 11, 2018, at the International Convention Center.
The proposed Bill is criticized by the general public online and social media due to its controversion to be tabled in Parliament for debate. They demand the proposed Bill be audited and verified by the PNG Law Reform Committee that is led by Dr. Eric Kwa before it reaches Parliament.
Even though Renbo Paita has not made its public statement, the PNG Blog online has done its publication through an article. It publishes several high profile leaders in Papua New Guinea, such as the Prime Minister Hon. Peter O’Neill and his deputy Hon Charles Abel. They are named as interested parties in the Renbo Paita’s Finschaffen Special Economic Zone (FSEZ) Bill.
The concept of Special Economic Zone (SEZ) firstly introduced in India even though it was not fully established. It was later adopted by China and make the concept successful ever since. After realizing the success, India retried the SEZ and implemented it in several selected cities in India. The impact was positive.
The concept basically was to facilitate commodity and products export in order to remove quota and tariffs without shipping fees. After receiving positive impacts, the Government of India then agrees with more Special Economic Zones.
Amazed by the concept and positive impacts of SEZ, other countries like Ukraine, Poland, Singapore, and so on tried to adopt and establish the SEZ concept to their own countries. These countries also received positive impacts. However, these success stories of SEZ concept did not involve foreign company to legislate in their respective Parliaments. Most of them only used local Blockchain Companies to help them implement the concept.
The SEZ concept talks about trade liberalization as the global economies where Finschaffen and Manus have been identified to receive funds from Government to showcase a free trade zone. While the SEZ is all about free trade and economy prosperity where it involves imports and exports of local commodities, the Hon. Renbo Paita’s FZEZ Bill was trying to make cryptocurrency and Bitcoin on fame. If Parliament let it passed, it will bring a new experience of the implementation in the Pacific and the global. We cannot predict the impact because it is never been tested anywhere before. The results are still unclear at the time.
The Government of PNG under the current O’Neill-Able stewardship gives its 100% support on the SEZ concept about Free Trade Zones as it has already shown proven impacts. It gives benefits to people in rural areas. Moreover, the blockchain technology and its products—cryptocurrency and Bitcoin—have been tested and accepted globally. As a result, PNG takes on board for financial inclusion and vast economic advantages for people in rural areas.
PNG adopted the SEZ concept on Finschaffen where it is now being tested. Furthermore, the National Government have funded K15 million for SEZ in Manus. AWAL Implex International Holdings, a Dubai-based company that has subsidiaries companies in Australia shows interest to invest US$1 billion in the Manus Free Trade Zone concept. The American company that involved in Finschaffen Free Trade Zone, Ledger Atlas with its founder, Tim Draper also announced its interest to be in partnership with Finschaffen project.
They demand Finschaffen MP Hon Rebo Paita to make public and media statements about this proposed Bill and clarify the SEZ concept and the blockchain technology and cryptocurrency in Free Trade Zone purposes. In short, they demand an explanation for proposed Bill’s usage and benefits for people of Finschaffen, Morobe, Momase region as well as PNG as a whole. Moreover, they also need to make a clarification about the naming individuals on the list, only if what is posted on the PNG blog is reliable.
Blockchain Pasifika President, Rex Paura said that the controversy about FSEZ Bill has no relation with Blockchain Pasifik and its stakeholders, funders, as well as organizers. He also added that Papua New Guinea can attend the meeting in October in case they wanted to know more about blockchain technology, cryptocurrency, crypto assets, and bitcoin. The event will be joined by a panel of international and local speakers where some Members of Parliament from Government and Opposition also included. The topic will be about blockchain regulations and what ethical standards need to be considered to plan and develop the regulations.
In partnership with Em Stret, Blockchain Pacific launched as well as is organizing an Australian Government funded School Competition for Junior Pasifik in four schools in NCT including Kila Kila Secondary School, Donsco Technical Institute, Port Moresby International School (POMIS) and Kokap College. These participants will take part in mentoring workshops where it leads to the main event in October 2018. Blockchain Pasifik shows its commitment to educating communities as well as governments of PNG and the Pacific about the Technology of Blockchain.