The current status of cryptocurrency legality all over the globe is complex – different governments around the world are reacting in wildly varying ways as they are faced with this new regulatory predicament. Some
A lot of national governments still haven’t decided – leaving crypto investors and blockchain teams in a state of limbo or semi-regulation until they make their official moves. Thailand is a good example of this type of country, as they just temporarily banned initial coin offerings (ICOs) until they make final regulations by the end of June.
One place that, especially in recent days, we are noticing is especially warming up to cryptocurrency is the South Pacific – where a number of island nations have welcomed blockchain technology some very receptive open arms.
A futuristic floating crypto island in French Polynesia
One story that has gotten a lot of media attention in recent days is centered around the country of French Polynesia – where Tahiti can be found. It was only a matter of time until something like this was dreamed up by some tech visionary: a floating island that governs itself using cryptocurrency.
It is a pilot program called the Floating Island Project, and the French Polynesian government is a partner (alongside Blue Frontiers and Seasteading Institute). About 300 homes will be constructed on a floating mass that uses a crypto coin called Varyon – the first step in a journey to using blockchain to build places to house climate refugees. It is expected to be completed by 2022.
The Marshall Islands going for it on their own
A few months ago, the Marshall Islands made big headlines when it announced that it would be embracing blockchain technology in a pretty strong way – by developing its own. According to Reuters, they were the first country globally to pass a law (which it did in the first week of March) that makes crypto a legal tender.
Technically Venezuela had one first, but they didn’t make it a legal tender in the way that the Marshall Islands’ government did. This cryptocurrency, however, will require registration and identification – so it won’t be like Bitcoin (BTC) or any of the privacy-focused coins that don’t require such things to use.
Vanuatu has accepted crypto for a while now
And, of course, we can’t forget about Vanuatu – a Pacific Island nation that made huge crypto headlines several months ago (back in 2017). It was a huge deal back then, because governments weren’t as friendly toward blockchain in October.
Vanuatu allows foreigners to buy citizenship and a passport from their country, effectively legal immigration for sale – and it only cost a small fee of $280,000. As of October, they started accepting BTC payments. That’s just another example of a South Pacific island nation being friendly and receptive to cryptocurrency – I wonder what country in the region will make a big announcement next.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.