PNG’s Blockchain Pasifik group has no connection with the online controversial Renbo Paito FSEZ Bill

THE stakeholders and organizers of the Blockchain Pasifik global event to be hosted in Port Moresby from 10th to 11th October, 2018 at the International Convention Centre, Stanley Hotel in association with APEC 2018 is not involved nor is it part of a blockchain team pushing for legislation in Parliament involving an American Blockchain Company, Ledger Atlas.

The proposed Bill through the local MP for Finschaffen Hon. Renbo Paita as a Private Member’s Bill to be tabled in Parliament for debate has received opposing critics from the general public online and social media. The critics summed up a lack of public consultation and majority online have commented for the proposed bill to be audited and verified by PNG Law Reform Committee chaired by Dr. Eric Kwa before it is debated in the floor of Parliament.

While the MP concerned Hon. Renbo Paita is yet to make a public statement about the status of this controversy, the PNG Blog online has published an article naming a number of high profile leaders in Papua New Guinea including the Prime Minister Hon. Peter O’Neill and his deputy Hon. Charles Abel as interested parties in the Renbo Paita’s Finschaffen Special Economic Zone (FSEZ) Bill.

The concept of Special Economic Zone (SEZ) was first introduce in India but not fully established and later it was adopted by China who made the concept a success. India then realizing the success tried again the second time and saw positive benefits. They created SEZ in selected cities throughout India but not for the entire country.

SEZ concept was used for facilitating exports of any commodity or products whereby to remove or reduce tariffs and quota, no shipping fees and such. As time passes, India was amazed to see the results and later the Government of India approved many Special Economic Zones.

Astonished by the beautify of SEZ concept; Ukraine, Poland, Singapore, and other countries in the world adopted and established SEZ for their own. All were success stories. But none of these experiences involved a foreign company to legislate a SEZ in their respective Parliaments. All or most used local Blockchain Companies in their countries to go into SEZ when and where needed.

SEZ talks about free trade or trade liberalization as the global economies encourages such and with the APEC in the country, Finschaffen and Manus has been identified with Government funding to showcase a free trade zone.

The SEZ during its initial trialing eras is about free trade and economy prosperity, something to do with imports and exports of local commodities. But the Hon. Renbo Paita’s FSEZ Bill was trying to introduce crypto currency and Bitcoin. If this gets passed in Parliament, it will be the first of its kind to be implemented in the Pacific and the rest of the world. Its impact is unknown, never been tested somewhere in the world so the expected results are not too clear at this time.

All in all, the SEZ concept is good and the Government of PNG under the current O’Neill-Abel stewardship fully supports Free Trade Zones for benefit of our rural people. Besides, the blockchain technology and its products such as crypto currency and Bitcoin are also globally tested and widely accepted concepts that PNG can take on board for financial inclusion and vast economic benefits for our rural population.

PNG has adopted the SEZ concept into Finschaffen which is currently being trialed and the National Government has already allocated K15 million funding for SEZ in Manus. A Dubai-based company that has branches in Australia, AWAL Impex International Holdings has expressed interest for about a one billion US Dollars investment in the Manus Free Trade Zone concept.

The American company involved in Finschaffen Free Trade Zone, Ledger Atlas, with its founder Tim Draper, a billionaire in blockchain ventures, has already announced in Silicon Valley in America its partnerships in Finschaffen project.

So the Finschaffen MP Hon. Renbo Paita needs to come out in public and make media statements about his proposed Bill, clarifying the SEZ concept and the blockchain technology and crypto currency in Free Trade Zone usage and what this proposed Bill will bring to the people of Finschaffen, Morobe, Momase region and PNG as a whole.

The naming of individuals associated with this Bill as listed by PNG Blog also needs to be cleared, if anything posted by PNG blog carries any integrity and reliability.

Blockchain Pasifika president Rex Paura (co-founder of Coin-Sure, 100% PNG nationally owned blockchain-enabled insurance company) said the outburst of FSEZ Bill is not related to Blockchain Pasifik and its stakeholders, funders and organizers. Mr. Paura said if Papua New Guineans wanted to know more about blockchain technology, crypto currency, crypto assets and bitcoin they can attend the meeting in October. The meeting involves a panel of international and local speakers including some Members of Parliament from both Government and Opposition on the topic of blockchain regulations and what responsible and ethical standards must be considered in planning and developing such regulations.

Blockchain Pasifik in partnership with Em Stret have recently launched and is organizing an Australian Government funded School Competition for Junior Blockchain Pasifik in four schools in NCD, namely Donsco Technical Institute, Kila Kila Secondary School, Port Moresby International School (POMIS) and Kokop College. All participating schools will undergo weekly mentoring workshops leading up to the main event in October.

Blockchain Pasifik is committed to educating communities and governments of PNG and the Pacific about the Blockchain Technology.

To register yourself for the October event, contact Blockchain Pasifik via email at: hello@blockchainpasifik.com or visit its website at: https://www.blockchainpasifik.com/ and register online.

*Article prepared by Howarig Traders  and photographs courtesy of Blockchain Pasifik.