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Few will know that a new, internationally recognised sovereign state seems to be on the way. After a long civil war prompted by ecologically irresponsible mining of gold and copper, an island in the Solomon Archipelago has gained autonomy from Papua New Gwinea.
The Autonomous Region of Bougainville, the citizens of which have almost unanimously voted for full independence in a referendum held in 2019, seems to be headed to full independence, with deadlines hinted by President Ishmael Toroama to be as close as 2022.
The small island's main economic output, in wake of the mining industry's closure, is based on cocoa plantations, which, although previously established, have been disrupted by the long conflict and are in need of investment, re-establishing trade links etc. The future of the new nation remains uncertain, but could hide a success story, even without re-opening the copper (and gold) mining venture. A good export-centred economy of a premium resource such as coco bean and coco-related products could be used to built upon it a service sector that would also cater to the outside world and bring prosperity to the island's citizens and revenues for the authorities for much-needed infrastructure. I am speaking specifically of the crypto world, bringing functionality and tokenisation, and, perhaps, crypto-immigration by people who do not wish to pay the toll for exchanging crypto fortunes for real estate.
While infrastructure, specifically internet coverage require bolstering (Elon, do something good for crypto for once and get on with Starlink.) legal infrastructure remains malleable and may eventually be moulded by native politicians to steer the nation towards a Singapor-like, technocratic governance. While the opposite could very well happen, the 2004 constitution of the region proves an interesting read, implying the spirit of freedom is present among the island's elites. Currently, law on the island remains a simple fork of PNG regulation, but with full independence this could change for the even better.
A brief survey of the political class (some quick fb stalking) reveals Bougainville politicians to be competent and well educated, certainly people who one could reach out to to consult about needs and grievances. Speaking of which, any potential investor better beware. After decades of foreign exploitation and a couple of sex scandals connected to foreigners, Bougainvillians are distrustful of outsiders. Moreover, land ownership is near impossible, with clans owning land directly and lease it out to then sometimes cancel the lease when infrastructure gets installed.
Despite those challenges, I am certain that there is an opportunity for a new, crypto-friendly jurisdiction. The crucial point is not physical, but legal infrastructure. The former follows the latter, since once can only invest when grounds for investment are secure and one knows their rights and obligations under law. I exhort all readers to do one or all of the following:
>research Bougainville, it's history, geography, law, political situation etc.
>consider what law or lack thereof would enable the full implementation of crypto's potential in an environment like Bougainville, for the benefit of citizens.
>If you have concrete ideas, consider reaching out to any political actor on the island you can reach
>consider the challenges Bougainvilleans face. Do they offer an opportunity for smart business?
