Tonga Could Be Next: Politician Eyes El Salvador's Bitcoin Path
Could Tonga be the next nation to embrace Bitcoin as legal tender? A Tongan politician hopes so, drawing inspiration from El Salvador's pioneering move. Tongan politician Lord Fusitu’a believes the island nation is uniquely positioned to benefit from Bitcoin adoption, aiming to follow in El Salvador's Bitcoin footsteps.
Lord Fusitu’a: A Champion for Bitcoin in Tonga
Lord Fusitu’a, a member of the Tongan parliament and barrister, hereditary Tongan landowner, and Bitcoin advocate, sees Bitcoin as a potential solution for Tonga's economic challenges. Lord Fusitu’a envisions a future where Tonga adopts Bitcoin as legal tender alongside the existing currency. He will propose a bill to make it happen.
Remittances and the Appeal of Bitcoin
Tongan politician Lord Fusitu’a’ believes the island nation is one of the largest remittance-dependent countries in the world. He argues that the adoption of Bitcoin as legal tender can significantly reduce transaction fees associated with remittances, boosting the Tongan economy. This potential for cost savings is a key driver behind his push for Bitcoin adoption.
Timeline for Bitcoin Adoption in Tonga
On Wednesday, a former lawmaker from the Pacific island nation of Tonga shared a play-by-play approach to adopting Bitcoin (BTC) as legal tender in the country. Lord Fusitu’a, a former member of parliament for Tonga, revealed a timeline for the adoption of Bitcoin as legal tender. 1. Sept/Oct Bill goes to Parliament. Passed.2. Sent. While the exact timeline may evolve, Fusitu’a's vision is clear.
Strike App as a Key Enabler
Fusitu’a directly cited Jack Mallers’ Strike, a digital wallet of Chicago-based Zap Solutions Inc, as a potential means of accepting Bitcoin as payment in Tonga. Mallers is likely to be involved in the process should the bill be successful.
Challenges and Concerns
Despite Fusitu’a's eagerness to see Bitcoin arrive on Tongan shores, not everyone shares his idea. The Reserve Bank of Tonga Governor, Sione Ngongo Kioa, has voiced concerns about the potential risks and volatility associated with Bitcoin. Navigating these concerns will be crucial for the successful adoption of Bitcoin in Tonga. A Tongan member of parliament hopes the country can copy El Salvador in adopting bitcoin as legal tender and pave the way for other Pacific islands to follow its. Lord Fusitu’a, a member of the Tongan parliament, believes the country can follow El Salvador’s example and accept Bitcoin as legal tender, according to the Financial reports.
Tonga: Next in Line?
Tonga may become the next country after El Salvador to adopt Bitcoin as legal tender. A Tongan politician is proposing legislation to make Bitcoin legal tender in the. En una serie de tweets, Lord Fusitu'a, ex miembro del parlamento de Tonga, dio a conocer un ETA para que Bitcoin se convierta en moneda de curso legal en the island nation. Keep an eye on Tonga as it explores this bold and potentially transformative step.