Another Country Is Close To Making Bitcoin Legal Tender
This time its the tiny island country of Tonga (Pop: 100,000).
1. Sept/Oct Bill goes to Parliament. Passed.
2. Sent to Palace Office for submission to His Majesty for Royal Assent.
3.4. 2-3 Weeks Gazetted by Govt activation date set.
4. On activation date #BTC becomes legal tender. https://t.co/TNjQjeEbjN— Lord Fusitu'a (@LordFusitua) January 12, 2022
A former Tongan member of parliament Lord Fusitu’a tweeted out Tonga’s plan to pass Bitcoin as legal tender. If successful, some expect Bitcoin to become legal tender by November or December of this year.
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- The bill is likely to get submitted to parliament sometime in September or October, according to Fusitua.
- The country of almost 106,000 people is taking a page out of El Salvador’s playbook and passing it through legislation.
- Like El Salvador, Tonga relies on remittances from the U.S. Though, it also relies on remitances from nearby countries like Australia and New Zealand.
- Australia itself is going through a crypto enlightenment, recently announcing new legislation to foster the growth of cryptocurrency.
- Tonga is considered a part of Oceania, a collective of islands in the pacific region. Another country in Oceania adopting crypto is Marshall Islands, which is developing its own CBDC on Algorand. The CBDC will be legal tender in the country.
- Some troll on Twitter — their bio reads, “bitcoin sucks” — asked, “Wen real country adopt bitcoin” in a reply to a Bitcoin Archive Tweet. Fusitua retweeted this reply, “that’s pretty disrespectful bro.”
- Fusitua is already welcoming the inevitable Bitcoin tourism economy coming to Tonga:
We’d be glad to have you brother. https://t.co/Z1eQSJfkvh
— Lord Fusitu'a (@LordFusitua) January 13, 2022
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