A former member of parliament in Tonga has suggested that the Pacific Island nation could adopt Bitcoin as an official currency, mirroring states that have already officially adopted the cryptocurrency, such as El Salvador and Panama.
Lord Fusitu'a shared the plan for the Bitconization of Tonga in a series of tweets. These followed on from a 2021 podcast interview that Lord Fusitu'a held with Bedford-based Bitcoiner Peter McCormack in which he said he expected Tonga to be using Bitcoin officially in the very near future.
On twitter, the former MP stated the timeframe:
"1. Sept/Oct Bill goes to Parliament. Passed.
2. Sent to Palace Office for submission to His Majesty for Royal Assent.
3.A month - HM as advised by Privy Council assents to Bill.
4. 2-3 Weeks Gazetted by Govt activation date set.
4. On activation date #BTC becomes legal tender."
1. Sept/Oct Bill goes to Parliament. Passed.
— Lord Fusitu'a (@LordFusitua) January 12, 2022
2. Sent to Palace Office for submission to His Majesty for Royal Assent.
3.<A month - HM as advised by Privy Council assents to Bill.
4. 2-3 Weeks Gazetted by Govt activation date set.
4. On activation date #BTC becomes legal tender. https://t.co/TNjQjeEbjN
He later added:
"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"
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 https://t.co/oR48NGzTGm
— Lord Fusitu'a (@LordFusitua) January 13, 2022
Tonga is a remote island nation with few natural resources and several economic issues. Much of the income of the 107,000 strong national population comes from remittances from those living in foreign states such as Australia and the United States.
It is said that Tonga could benefit from Bitcoin due to the more than 100,000 Tongans that live overseas and send money back to the island. These money transfers often incur large bank fees and transaction costs. If, however, these transfers were made via Bitcoin they would be exempt from these fees. This is one of the main reasons that nations such as El Salvador, also with a large expatriate population, have already adopted the cryptocurrency.
While many economists have praised the potential of Bitcoin, others are more wary, given Bitcoin's price fluctuations and the inability for it to be controlled by authorities or central governments, not to mention its links to criminal activity.
[Based on reporting by: COINTELEGRAPH]
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