Kingdom of Tonga May Adopt Bitcoin as Legal Tender, Says Former Member of Parliament – Bitcoin News


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
occur.
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.

Former
Member
of
Tonga’s
Parliament
Lord
Fusitu’a
Claims
Bitcoin
Bill
Could
Be
Passed
in
Order
to
Make
the
Crypto
Asset
Legal
Tender

Tonga’s
chairman
of
the
Commonwealth
Pacific
Parliamentary
Group
on
Human
Rights,
Lord
Fusitu’a,
is
a
bitcoin
advocate
and
on
January
11,
he

explained

on
Twitter
that
the
Kingdom
of
Tonga’s
government
may
adopt
bitcoin
as
legal
tender.
The
news
follows
El
Salvador’s
push
to
make
bitcoin
(BTC)
legal
tender
last
year.
A
few
months
ago,
the
law
was

codified

by
the
Salvadoran
congress
and

BTC

was
deemed
legal
tender
in
El
Salvador.

Lord
Fusitu’a,
who
was
once
a
member
of
Tonga’s
parliament,
claims
the
same
thing
will
happen
in
Tonga.
On
Tuesday,
an
individual
asked
Lord
Fusitu’a
what
the
ETA
was
in
regard
to
the
Polynesian
country
legalizing
bitcoin
as
tender.

“Sept/Oct
Bill
goes
to
Parliament.
Passed,”
Lord
Fusitu’a

replied
.
“[It
gets]
sent
to
Palace
Office
for
submission
to
His
Majesty
for
Royal
Assent.
A
month

HM,
as
advised
by
Privy
Council,
assents
to
Bill.
2-3
Weeks
Gazetted
by
Govt
activation
date
set.”

Lord
Fusitu’a
added:

On
activation
date
[bitcoin]
becomes
legal
tender.

Former
Lawmaker
Claims
Bitcoin
Bill
to
Be
Submitted
in
the
Fall,
Lord
Fusitu’a
Discussed
Benefits
of
Tonga
Adopting
Bitcoin
Last
Year

After
Lord
Fusitu’a
tweeted
out
the
five-point
plan,
a
person

asked

whether
or
not
“the
bill
passed
already,
or
is
it
still
with
Parliament
and
‘passed’
is
the
goal?”
Lord
Fusitu’a

replied

to
the
question
and
said:
“The
Bill
will
be
submitted
to
the
House
in
Sept/Oct.
[Parliament]
opens
for
[a]
new
session
in
June.
June
by
law
=
National
Budget.
By
Law,
July
Constituency
visits.
By
Law
August

Govts
Legislative
package
for
the
year.
By
law,
Sept/Oct
Private
MPs
Bills
may
be
tabled.”

It’s
not
the
first
time
Lord
Fusitu’a
has
hinted
about
Tonga
legalizing
bitcoin
as
tender
in
the
country.
On
July
5,
2021,
on
the
podcast

What
Bitcoin
Did
episode
368
,
the
former
member
of
Tonga’s
parliament
explained
how
bitcoin
adoption
would
be
beneficial
to
Tonga.

“The
economy
will
first
benefit
by
every
customer
having
a
disposable
income
increased
by
30%
and
because
our
country
imposes
a
15%
VAT,
every
person
is
putting
an
extra
30%
into
that
15%
VAT,
because
they’ve
got
an
extra
30%
disposable
income
just
from
the
rails,”
Lord
Fusitu’a
said
on
the
show.

On
the
podcast,
Lord
Fusitu’a
further
explained:

Simultaneously
with
that
extra
30%,
there’s
some
are
going
to
be
saving
it
rather
than
putting
it
into
the
economy
and
stacking
sats
which
will
appreciate.
For
the
first
time,
someone
who’s
a
village
fisherman,
and
has
been
hand
to
mouth
all
his
life,
has
a
glimpse
at
possibly
having
savings
that
might
be
the
foundation
for
financial
freedom.

As
of
now,
it
is
uncertain
whether
or
not
Tonga’s
active
parliamentary
members
and
the
Tongan
people
will
be
willing
to
adopt
bitcoin
as
legal
tender.
While
El
Salvador
passed
the
bitcoin
law,
which
was

enacted

on
September
7,
2021,
there
was
some

opposition

toward

the
government’s
decision
.
Since
then,
president
Nayib
Bukele
and
the
Salvadoran
government
have
been
adding

BTC
to
the
treasury

and
a
bitcoin
mining
farm

powered
by
volcanic
energy

was
introduced.

Tags
in
this
story

Bitcoin
,

Bitcoin
(BTC)
,

Bitcoin
adoption
,

bitcoin
as
legal
tender
,

BTC
adoption
,

BTC
Treasury
,

El
Salvador
,

Kingdom
of
Tonga
,

legal
tender
,

Lord
Fusitu’a
,

Lord
Fusitu’a
Podcast
,

Lord
Fusitu’a
Twitter
,

Nayib
Bukele
,

Salvadoran
government
,

Tonga
,

Tonga
Parliament
,

Tonga’s
Parliament



What
do
you
think
about
the
former
member
of
Tonga’s
Parliament
hinting
about
the
country
adopting
bitcoin
as
legal
tender?
Let
us
know
what
you
think
about
this
subject
in
the
comments
section
below.

Jamie
Redman

Jamie
Redman
is
the
News
Lead
at
Bitcoin.com
News
and
a
financial
tech
journalist
living
in
Florida.
Redman
has
been
an
active
member
of
the
cryptocurrency
community
since
2011.
He
has
a
passion
for
Bitcoin,
open-source
code,
and
decentralized
applications.
Since
September
2015,
Redman
has
written
more
than
5,000
articles
for
Bitcoin.com
News
about
the
disruptive
protocols
emerging
today.




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Credits
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Wiki
Commons


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