The Kingdom of Tonga may adopt bitcoin as legal tender, according to a former member of Tonga’s parliament, Lord Fusitu’a, who tweeted about a possible timeline for this event to happen. Fusitu’a believes that by next fall, a bill will be passed by Tonga’s parliament and bitcoin could be legal tender in the region by November.
Tonga’s Former Member of Parliament Lord Fusitu’a Says Bitcoin Bill Could Pass In Order To Make Crypto Asset Legal
Tonga’s Chairman of the Pacific Commonwealth Parliamentary Group on Human Rights, Lord Fusitu’a, is a bitcoin advocate and on January 11 he Explain on Twitter that the government of the Kingdom of Tonga might adopt bitcoin as legal tender. The news follows El Salvador’s push to manufacture bitcoin (BTC) legal tender last year. A few months ago, the law was codified by the Salvadoran Congress and BTC was deemed to be legal tender in El Salvador.
Lord Fusitu’a, who was once a member of parliament in Tonga, says the same will happen in Tonga. On Tuesday, an individual asked Lord Fusitu’a what ETA was about the Polynesian country legalizing bitcoin as a form of exchange.
“The September/October bill is submitted to Parliament. Past, “Lord Fusitu’a responded. “[It gets] sent to the Palace Office for submission to Her Majesty for Royal Assent. One month – Her Majesty, on the advice of the Privy Council, approves the bill. 2-3 weeks Gazetted by Govt activation date set.”
Lord Fusitu’a added:
On the activation date [bitcoin] becomes legal tender.
Ex-Lawmaker Claims Bitcoin Bill Will Be Submitted In Autumn, Lord Fusitu’a Discussed Benefits Of Tonga’s Adoption Of Bitcoin Last Year
After Lord Fusitu’a tweeted the five-point plan, a person request whether or not “the bill has already passed, or is it still in Parliament and ‘passed’ is the goal?” Lord Fusitu’a responded to the question and said, “The bill will come before the House in September/October. [Parliament] opens for [a] new session in June. June by law = national budget. By law, constituency visits in July. By Law August – Government legislative package for the year. By law, September/October private bills can be tabled.
This is not the first time that Lord Fusitu’a has hinted that Tonga is legalizing bitcoin as common currency in the country. July 5, 2021, on the podcast What bitcoin did episode 368, the former member of parliament of Tonga explained how adopting bitcoin would benefit Tonga.
“The economy will first benefit from the fact that each customer has a disposable income increased by 30% and because our country imposes a 15% VAT, each person puts 30% more in this 15% VAT, because they have 30% more disposable income just off the rails,” Lord Fusitu’a said on the show.
On the podcast, Lord Fusitu’a further explained:
Simultaneously with that extra 30%, some will save it rather than putting it into the economy and stacking the sats which will appreciate. For the first time, someone who is a village fisherman and has been hand to mouth all his life, has a glimpse of the possibility of having savings that could be the foundation of financial freedom.
At present, it is uncertain whether the working parliamentarians of Tonga and the Tongan people are willing to adopt bitcoin as legal tender. While El Salvador passed the bitcoin law, which was promulgated on September 7, 2021, there were a few opposition toward the decision of the government. Since then, President Nayib Bukele and the Salvadoran government have added Treasure BTC and a bitcoin mining farm powered by volcanic energy has been presented.
What do you think of Tonga’s former Member of Parliament alluding to the country adopting bitcoin as legal tender? Let us know what you think about this topic in the comments section below.
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