E-Nation Of Vanuatu Targets Innovated Digital Economy: Will It Succeed?

Proving it’s more than just a blue coast haven for tourists, Vanuatu is getting ready to explore blockchain and so much more!

vanuatu

Vanuatu commissioned the Vanuatu Digital Currency Research Institute to create a five-year plan and regulatory for its E-Nation project, August 20.

Plans Laid Out

vanuatu-flagThe project targets to aid its government in strategic planning, regulatory system and market access mechanism which are geared up for a digital economy.

Joe Natuman, Chairman of the Vanuaaku Party of the Republic of Vanuatu and the Honorary Chairman of Vanuatu National Digital Currency Research Institute, stated in a press release:

“Vanuatu’s 2016-2030 National Sustainable Development Plan points out that stability, sustainability and prosperity will be the country’s big vision. Vanuatu’s E-Nation project will improve the country’s financial infrastructure and e-government system.”

That’s not all, the South Pacific Ocean nation has also set its eyes on providing important financing channels to other infrastructure projects in Vanuatu, as well as on giving more local jobs in the high-tech industry to speed up the flood of global elites to Vanuatu.

Digital Economies Seek Blockchain

The commonwealth country has attached great significance to the E-Nation project in the hope to “promote local economic development.”

On a quest to find a balance between innovative development and risk control, the Vanuatu Digital Currency Research Institute is starting a research for developmental solutions as well as building up regulatory frameworks.

Former Finance Minister of Vanuatu and Chairman of the National Institute of Digital Currency Maki Simelum added:

“This Institute therefore creates new opportunities for fintech companies who come with investments. We hope it will soon thrive beyond our expectation.”

The said institute will focus in the fields including science and technology, finance, as well as talent training and blockchain application.

Vanuatu’s project marks its first steps towards digital economic development; following those of several big-gun nations such as China, Japan, Korea, and the U.S.

According to the report, this project will not only help Vanuatu to build up an advanced authority based on digital technology but also to push up national GDP, and upgrade its national facilities and public services.

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