A group of foreign investors launched their business initiative on March 15, 2018, in the presence of Vanuatu members of parliament. The new business initiative comprised of the Research Institute and the Stock Exchange. The Vanuatu Deputy Prime Minister and Minister of Finance and Economic Management attended. Other participants were the Vanuatu members of parliament and the foreign investors’ officials. The project was to help Vanuatu to develop its infrastructural ecosystem. The Vanuatu Convection Center hosted the official event.
The Deputy Prime Minister signed the agreement form on behalf of the government. He also tabled their commitment to support the project. In his speech, Joel Natuman thanked the foreign investor for choosing Vanuatu. He also stated that they had invested much capital in infrastructure, ICT, and connectivity. Therefore, the country requires innovative companies to make good use of those facilities. He admitted that blockchain was a new technology in Vanuatu. He added that government was willing to adopt the technology for business transactions.
Mr. Gaetan Pikioune stated that the government would need further consultations. The consultation will enable the government to fully understand the technology. It will also verify its conformity with the financial policies and laws.
According to Karim Berrada, the Blockchain technology is currently used globally. For instance, Estonia is an ‘e-nation’ due to its wide leverage of blockchain technology.
The President of Tai Group noted that they have trained 1000 blockchain professionals. The new technology breaks the central point into smaller distributive nodes. It allows anyone anywhere to transact business with each other. The technology will safeguard Vanuatu’s IT infrastructure during natural calamities. It will also facilitate Vanuatu’s international connectivity and accelerates its economic development.
The foreign investors donated 52 laptops and 8.5 million to the Vanuatu government. The donation was to promote Vanuatu’s technological development.
The introduction of copycat currencies triggered controversial opinion in Vanuatu. Some of these technologies were scam-sites which resulted in massive loss of money. In October last year, there was a false announcement about Vanuatu’s Bitcoin trade.
The Republic of the Marshall Island plans to launch its own cryptocurrency this year. The Sovereign trade is aimed at strengthening the local budget in the country.