Hot News

Tonga Could Adopt Bitcoin (BTC) as Legal Tender By November, Says Former MP

Former member of parliament of Tonga, Lord Fusitu’a, revealed that the country’s legal tender bill for Bitcoin is “modeled on” and is “almost identical” to that of El Salvador.

Bitcoin and Tonga

According to the latest tweets, Lord Fusitu’a hinted at the tentative arrival of Bitcoin as a legal tender for the Pacific island nation of Tonga. The former MP said the country could potentially adopt the cryptocurrency by November this year. The bill in question will be submitted to the House by September- October.

Lord Fusitu’a, a Tongan royalty, was reportedly working together with Jack Mallers, the CEO of Strike and architect of El Salvador’s Bitcoin project, to bring the BTC legal framework to Tonga.

He has been very vocal about the industry and has, time and again, asserted that the country can become more “competitive and wealthy” if it embraces the cryptocurrency. His focus has been on the remittance advantages that Bitcoin offers, which can potentially benefit the citizens regarding long-term saving.

Read more:  Evolution Mining's CEO: Bitcoin's Volatility Will Lead Investors Back to Gold

ADVERTISEMENT

While replying to a follow-up question on how a circular economy involving Bitcoin will be helpful, the former MP stated,

“An economy that uses bitcoin for payment at every stage of the supply chain. From the seed to the table. Pay for cassava roots and cattle in bitcoin from the farming supplier all the way to the waitress serving it to you at Kardo’s steak bar and every step in between in BTC.”

Many economists and world leaders have expressed their concern over countries following El Salvador’s suit. For countries such as Tonga, there are inflationary pressures at play to consider such a move as well.

El Salvador’s Bitcoin Portfolio

The young, maverick El Salvadorean President, Nayib Bukele made history last year after pushing Bitcoin as legal tender. However, his actions have failed to charm some experts who believe he may have cost the country $10 million amid the crypto market rout.

Read more:  Invesco Blames Its Bitcoin Futures ETF Withdrawal on SEC's Rules

CryptoPotato recently reported that Bitcoin plummeted below $41,000 for the first time since September 2021. Interestingly, this was the same month when El Salvador went on an aggressive buying spree of the asset. Over the past year, El Salvador spent around $71 million at an average purchase price of $51,056 per BTC. Supposing the government has not sold its crypto holdings, the portfolio is down by 12% approximately.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

You Might Also Like:

  • Tonga Could Adopt Bitcoin (BTC) as Legal Tender By November, Says Former MP

    El Salvadorans Are Converting Their USD to BTC as Interest in Bitcoin Soars

  • Tonga Could Adopt Bitcoin (BTC) as Legal Tender By November, Says Former MP

    2 More Countries Will Adopt Bitcoin in 2022, Says Nayib Bukele

  • Tonga Could Adopt Bitcoin (BTC) as Legal Tender By November, Says Former MP

    El Salvador’s Government Prepares Laws Covering Bitcoin Bonds

Tags: Bitcoin Adoption El Salvador

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button