Tonga May Make Bitcoin Official Currency of the Country This Year, Says Former Tongan MP
Following in El Salvador’s footsteps, Tonga is close to benefiting from making Bitcoin legal in the country. As one of the countries that most depends on international resources, by legalizing BTC, it would be saving a good part of its GDP, which today is spent on fees paid in traditional trading. The resource use case was one of the main reasons El Salvador adopted Bitcoin as a legal tender.
Former Member of Parliament, Lord Fusitu’a, believes that the proposal similar to the “Bitcoin Law” of El Salvador, can be implemented in Parliament between September and October 2022.
Lord Fusitu’a is currently a Board Member at the Global Organization of Parliamentarians Against Corruption, representing Tonga, is part of the Pacific Human Rights Parliamentary Group and describes himself as “Bitcoin Defender” on twitter. He has talked a lot about the industry and repeatedly stated that the country can become more “competitive and rich” if adopting cryptocurrency.
In his five-point plan, Lord Fusitu’a outlines the path of adoption:
The president of the Global Organization of Parliamentarians Against Corruption also said that Bitcoin could already have been approved in the country in November, and it would have enough time to teach the population about Bitcoin and the Lightning Network.
At another point, as it is a country made up of more than 170 islands, the internet infrastructure was questioned, the Lord quickly countered that internet and smartphone access rates exceeded 90%, although the World Bank’s 2017 figures show Tonga with 50% internet access.
Getting the islands online can take some time, but Lord Fusitu’a is adamant about the future of his country’s BTC:
If Tonga really manages to legalize Bitcoin, the president of El Salvador, Nayib Bukele will be one step away from getting his predictions right for 2022, as he said that in 2022 we would have two more countries adopting BTC as legal tender.
If the estimate is confirmed, President Nayib Bukele will be a little closer to getting his predictions right for 2022, as he said he expected 2 more countries to adopt digital currency as a legal tender.