In a judgement “almost like the El Salvador bill”, Tonga’s Bigwig Lord Fusitu expects his country to accept and adopt Bitcoin by November.
Bitcoinization is another domino line that takes a detour. A former legislator from the Pacific island nation of Tonga on Wednesday shared a play-by-play approach to accepting Bitcoin (BTC) as a legal tender.
The former Tonga parliamentarian Lord Fusitu released the ETA to convert bitcoin into a legal tender in Tonga via a set of tweets. While further coping with things similar to El Salvador’s Playbook, this action could gain over 100,000 Tongas into the Bitcoin network.
Furthermore, the Global Organization of Parliamentarians Against Corruption outlines the path it has taken in its five-point plan:
While commenting on this Fusitu, said that the bill is in process and is being modelled while also that the bill is almost similar to that of El Salvador’s crypto bill.
While the announcement gave rise to a lot of questions regarding Bitcoin, speculation and complete delight from Twitter before setting the Tonga record. He thus replied that the deadline for BTC to become a legal tender would be in November or December this year.
By 2021, Tonga was highly expected to become one of the next countries to accept BTC as a legal tender. Even more Rumours circulated after Lord Fusitu podcasted Bedford-based bitcoiner, Peter McCormack.
During the conversation, the then Member of Parliament shared a payment case for accepting BTC as a legal tender. He said the adoption was provocative:
Also, while the Tonga population is only six digits, the Tonga Diaspora is vast. The number of Tonga’s living abroad is 126,000, while the International Organization for Migration estimates that there are 18,000 Tongas in Australia.
With the exception of payments, the Lord brought domestic interests to adopt the open-source protocol. He acknowledged that Tonga BTC could create a “circular economy” and that it was “one of the few exceptions to the small island nation’s population.”
Although internet infrastructure in the islands is questionable, Tonga claims that internet and smartphone infiltration rates have exceeded 90%. The latest figures from the World Bank – five years ago in 2017 – show that Tonga has 50% internet coverage.