The new CEO of Nauru’s Command Ridge Virtual Asset Authority (CRVAA), Brian Phelps, said he believes Nauru will soon be at the centre of innovation in the Pacific.
The respected Australian trader and financial expert has outlined his vision and how the government’s new legislation, that includes making Nauru the cryptocurrency powerhouse of the Pacific, will help turbocharge investment in the economy, resulting in higher living standards.
Mr Phelps said he was determined to use his vast experience in securities trading to establish a Nauru virtual asset hub which will drive more investment in other sectors of the economy.
“Nauru is the first country in the Pacific to regulate crypto and by doing this is sending a clear message to the world that Nauru is open for business.
“In addition to crypto exchanges, there are endless other possibilities we can embrace including making Nauru a remittance payment hub to provide itinerant workers throughout the Pacific a safe and secure means to send money home via platforms like Stablecoin,” he said.
However Mr Phelps said the authority will ensure strong regulation and compliance measures, “and that means for every transaction, so that our partners can have absolute confidence and trust in Nauru.”
“The beauty of this vision is that it will bring very widespread economic benefits and attract more investment in other sectors.”
He said that becoming a trusted partner in the digital space will in turn bring opportunities where others will look to invest in Nauru, citing infrastructure as an example.
President David Adeang, who as the nation’s finance minister years ago laid the foundations for the CRVAA by aligning Nauru with international financial and compliance best practice, said Mr Phelps had all the skills and experience needed to make Nauru a virtual and digital powerhouse.
“The entire region is starting to look to Nauru as a centre of innovation and a trusted partner, and this will drive investment and our economy and bring tangible benefits to the Nauruan people.”
He said the government was working hard to diversify the economy and drive living standards higher including by embracing new and emerging technologies, and paid tribute to Minister for Commerce and Foreign Investment Maverick Eoe for overseeing the establishment of the CRVAA.
“As a nation that is vulnerable to economic and climate shock, and without the same resources of larger nations, we must embrace innovation and think outside the box to build a more resilient and prosperous nation for the people of Nauru,” President Adeang said.
However he also emphasised the importance of good governance and fiscal management, and pointed to Nauru’s recent acceptance as an EGMONT member, an international group of financial intelligence units whose main goal is to cooperate internationally in combatting financial crimes – particularly money laundering – as an example of how the nation is now internationally regarded.
“Nauru’s membership, sponsored by Australia and the Cook Islands, builds trust and credibility with foreign counterparts, law enforcement and financial institutions,” he said.
“The Nauru of the past that did things the same way is gone.
“Our government is determined to not focus only on the short term but on future generations, which requires sound financial management and accountability.”