Created by former lawmaker Lord Fusitu’a, the bitcoin wallet address received around $5,000 worth of BTC in around 24 hours
According to former member of parliament Lord Fusitu’a, the island nation is on track to adopt BTC as a legal tender by November 2022. For now, however, the cryptocurrency is being used to transfer funds to Tonga, which has been hit by a tsunami recently.
Bitcoin donations to Tonga
A 1.5-meter tsunami triggered by the shock wave hit Tonga over the weekend, inundating homes and roads and damaging communication lines. However, no deaths have been reported so far.
The shock wave was recorded as far as Alaska and Chennai in a sharp rise and fall in air pressure. The thunderous sound was heard as far as New Zealand, which is about 2,500 km from Tonga.
reports more recent claims that most lines of communication can be down for up to two weeks. However, Tonga has also been in the news on the cryptocurrency front.
The small island nation in the Tasman Sea of the South Pacific Ocean is accepting bitcoin donations after Saturday’s volcanic shock wave that caused the tsunami.
Responding to the spectacular visuals of volcanic activity, some Twitter users suggested creating a bitcoin wallet address to collect relief funds and help Tonga deal with the crisis.
Former Tonga Member of Parliament Lord Fusitu’a, who said a few days ago that the island nation was on the way to adopting bitcoin as legal tender, created a bitcoin wallet address to receive donations from cryptocurrency holders. THE wallet received approximately $5,000 in BTC donations in less than 24 hours.
Lord Fusitu’a later added:
“It shows how important it is: we are effectively the only revenue stream of any kind that can come into Tonga right now (via the @Blockstream BTC satellite kit gifted by @Excellion last year) as no internet = no trust banks or remittances can enter. Only U.S. Let it sink in.”
Bitcoin as a Legal Currency?
Tonga has a diaspora of 126,000 people, 18,000 of whom live in Australia. Remittances represent about 37% of the country’s GDP. By accepting bitcoin as legal tender, Tonga can benefit from faster and cheaper international payments.
Lord Fusitu’a has given a timeline for the possible adoption of bitcoin as legal tender by November 2022. He also revealed that Tonga will use geothermal energy from its volcanoes to power bitcoin mining.
“The technology is ready to be deployed. We are just waiting for the passing of the bill and ancillary legislation to direct the deployment of mining infrastructure,” he said in a recent tweet.