Vanuatu – A Rising Center of Finance and Technology in the South Pacific
On March 15, Vanuatu established the Vanuatu National Institute of Digital Currency Research. The ceremony was held at Vanuatu National Convention Center. Vanuatu Deputy Prime Minister, Minister of Finance and Economic Management, Former Minister of Finance and Economic Management, members of the parliament and noted experts, scholars and entrepreneurs in blockchain industry from all over the world attended this ceremony.
Seizing Opportunities of the Digital Age
Vanuatu’s full name is the Republic of Vanuatu and it is located in the west of the South Pacific region. It consists of 83 islands belonging to Melanesia islands. Its official languages are English, French and Bislama. Vanuatu economy, one of British Commonwealth Nations, is based on farming, fishing and stock-raising industries. Tourism and investment migration also have an important role in its economy.
In the background of The Fourth Industrial Revolution, blockchain has developed dramatically. Small countries like Vanuatu should seize this opportunity to build up a safer and more stable economic system.
As an island country, Vanuatu is very vulnerable to natural disasters, blockchain applications will help them to establish a more secure IT infrastructure. National public services will be more stable and benefit to the residents with a better-quality life. Moreover, blockchain will make Vanuatu more connected to the international communities, cooperating with other countries to develop blockchain applications and bringing creativity and motivation to all industries.
In Vanuatu National Convention Center, Vanuatu Deputy Prime Minister Joe Natuman made a speech. “We have invested a lot in the development of ICT in Vanuatu, infrastructure and connectivity. The blockchain technology is a new type of technology, and a lot of us do not know what this is, but we welcome new technologies to do business in Vanuatu and would like to connect and cooperate with more countries in relevant industries around the globe, so that we can bring more vigor to Vanuatu’s economy,” he said. He also announced initiating an e-Nation plan and establishing the Vanuatu National Digital Stock Exchange.
The e-Nation plan of Vanuatu will be fully implemented with blockchain technology, focusing on how to help Vanuatu becoming a new country of digital technology and upgrading its public services in several areas. The plan will include digital currency issuance, digital insurance, digital visa, digital citizenship, digital governance, digital embassy and digital corporation and so on. Implementing this plan, the Vanuatu National Institute of Digital Currency Research will study areas of Fintech, blockchain human resources and blockchain application and develop them. Its goal is to establish a new economic system and social structure as a driver to improve Vanuatu’s economy. In coming 5 years, 3000 job vacancies with high salary may be fulfilled in a high rate of possibilities.
Joining in the Global Blockchain Development
Vanuatu is not the first country to have an e-Nation plan. Estonia initiated it years ago. The well-known project in Estonia is e-Residency, which allows global citizens to apply digital ID through Estonian Government and in this case people will be able to easily start and run a global business in a trusted EU environment. Besides this, digital projects like Dubai Future Smart City, Switzerland Crypto Nation and Caribbean Island new issued ICO have been adopted as national plans by their government respectively. Vanuatu is keeping up with them in terms of blockchain application and development and joining in the trends of the current digital world.
The e-Nation plan will not only benefit the domestic development within Vanuatu, but also bring economical improvement to Australia, New Zealand and other South Pacific countries. As the first exchange in Vanuatu, the National Digital Stock Exchange will be a global one, attracting international and domestic investment and help resolving the existing lack of capital and technology investment in Vanuatu. It will be an efficient channel for international companies and investors to trade via the digital stock exchange. Thus, Vanuatu will become the rising center of finance and technology in the South Pacific and a good example for micro island countries in terms of economic development in the digital age.