Lens1000
VIP Contributor
Tonga plans to follow El Salvador's lead and make Bitcoin legal tender.
Another whale is about to fall on the Bitcoinization path. A former politician from Tonga, a Pacific island nation, provided a step-by-step guide to adopting Bitcoin (BTC) as legal cash on Wednesday.
Lord Fusitu'a, a former member of parliament for Tonga, released a bill for Bitcoin to become legal cash in Tonga in a series of tweets. Following El Salvador's lead, the action has the potential to bring over 100,000 Tongans onto the Bitcoin network.
The chairman of the Global Organization of Parliamentarians Against Corruption's Oceania branch discusses the adoption path in his five-point proposal.
The bill is "modeled on and is practically identical to the El Salvador bill," Fusitu'a stated in a follow-up comment.
Before the Tongan put the record straight, the revelation created the seeds for inquiries, predictions, and outright jubilation on Bitcoin Twitter. He enthusiastically responded that BTC becoming legal tender might occur as soon as possible.
Tonga was widely expected to become one of the first countries to accept BTC as legal cash in 2021. Following Lord Fusitu'a's podcast with Bedford-based Bitcoiner Peter McCormack, speculation reached a fever pitch.
The then-member of parliament shared the remittance case for adopting BTC as legal cash during the conversation.
"A 30 percent rise in disposable income. Some (people) will save that extra 30% rather than putting it into the economy and accumulating SATs," he said.
Tonga is a small island nation that relies on remittances from Australia, New Zealand, and the United States. According to the International Finance Corporation, Tonga receives more remittances than any other country in the world, accounting for up to 30% of household income.
Furthermore, the Tongan diaspora is extensive, despite the fact that the Tongan population is just six figures. According to the International Organization for Migration, there are 126,000 Tongans residing overseas, with up to 18,000 Tongans in Australia.
Another whale is about to fall on the Bitcoinization path. A former politician from Tonga, a Pacific island nation, provided a step-by-step guide to adopting Bitcoin (BTC) as legal cash on Wednesday.
Lord Fusitu'a, a former member of parliament for Tonga, released a bill for Bitcoin to become legal cash in Tonga in a series of tweets. Following El Salvador's lead, the action has the potential to bring over 100,000 Tongans onto the Bitcoin network.
The chairman of the Global Organization of Parliamentarians Against Corruption's Oceania branch discusses the adoption path in his five-point proposal.
The bill is "modeled on and is practically identical to the El Salvador bill," Fusitu'a stated in a follow-up comment.
Before the Tongan put the record straight, the revelation created the seeds for inquiries, predictions, and outright jubilation on Bitcoin Twitter. He enthusiastically responded that BTC becoming legal tender might occur as soon as possible.
Tonga was widely expected to become one of the first countries to accept BTC as legal cash in 2021. Following Lord Fusitu'a's podcast with Bedford-based Bitcoiner Peter McCormack, speculation reached a fever pitch.
The then-member of parliament shared the remittance case for adopting BTC as legal cash during the conversation.
"A 30 percent rise in disposable income. Some (people) will save that extra 30% rather than putting it into the economy and accumulating SATs," he said.
Tonga is a small island nation that relies on remittances from Australia, New Zealand, and the United States. According to the International Finance Corporation, Tonga receives more remittances than any other country in the world, accounting for up to 30% of household income.
Furthermore, the Tongan diaspora is extensive, despite the fact that the Tongan population is just six figures. According to the International Organization for Migration, there are 126,000 Tongans residing overseas, with up to 18,000 Tongans in Australia.