Tonga Might Make Bitcoin Official Currency of the Country, Says Former Member of Parliament

Tonga Might Make Bitcoin Official Currency of the Country, Says Former Member of Parliament

Former Tongan lawmaker Lord Fusitu’a

A small country in Oceania could become the first to follow in El Salvador’s footsteps and give Bitcoin legal currency status.

Former Tongan lawmaker Lord Fusitu’a stated who expects a proposal almost identical to El Salvador’s “Bitcoin Law” pass through Parliament between September and October 2022.

From there, the next steps would be to send the proposal to the Palace Office for royal approval. “His Majesty”, advised by the Privy Council, would agree to the law and the government would set an activation date.

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 a “Bitcoin Defender” on Twitter.

In another post, Fusitu’a suggested that BTC could already be being used as legal tender in the country in November or December of this year, which would be enough time to educate the population about Bitcoin and the Lightning Network.

Tonga is a country made up of more than 170 islands and, similar to El Salvador, its economy is based significantly on international remittances, a sector that bitcoin proves to be extremely efficient, given that blockchain technology ignores borders.

tonga island

If the estimate is confirmed, President Nayib Bukele will be a little closer to getting his predictions right for 2022, as he said that he expected 2 more countries to adopt the digital currency as nice tender.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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