Topic: Tonga Could Adopt Bitcoin (BTC) as Legal Tender By November, Says Former MP (Read 145 times)
January 14, 2022, 07:04:39 AM
@_act_, before opening a new thread it would be desirable to use a forum search, the topic already exists - https://bitcointalksearch.org/topic/tonga-will-probably-be-the-next-country-to-make-bitcoin-legal-tender-5375884
January 14, 2022, 03:52:06 AM
Even though they have their own currency but its value is heavily dependent on other countries. So it's no harm for them to end that dependency, rather it will benefit them in long run.
Let's just hope it happens for sure!
I am hoping it will happen too, this may be the way some countries that depend on another country fiat to use bitcoin, I still believe there are many countries like that. I will not say it is to end dependency because if bitcoin is made a legal tender in the country, their fiat will still be accepted and bitcoin will be an alternative. Let's just hope it happens for sure!
January 13, 2022, 12:31:36 PM
Tonga is a country of just 0.1 million and one out of five people lives below poverty line. I believe if Tonga adopts bitcoin as a legal tender, that might help them in long run! Because for smaller countries like Tonga, it is quite easier for them to implement bitcoin infrastructure for such a small population. Even though they have their own currency but its value is heavily dependent on other countries. So it's no harm for them to end that dependency, rather it will benefit them in long run.
Let's just hope it happens for sure!
Since the population of Tonga is quite small so adopting Bitcoin as a legal tender is a good solution and would not be too difficult for this 700,000 km² country in the southern Pacific Ocean it might be more effective. We're referring to this guaranteed economic improvement that makes it easier. However, this means that it is almost the same as the conditions in El Salvador, which until now they have been able to become a developing country and continue to grow until 2022, it is noted that El Salvador's economy has increased. Let's just hope it happens for sure!
January 13, 2022, 12:23:56 PM
Tonga is a country of just 0.1 million and one out of five people lives below poverty line. I believe if Tonga adopts bitcoin as a legal tender, that might help them in long run! Because for smaller countries like Tonga, it is quite easier for them to implement bitcoin infrastructure for such a small population. Even though they have their own currency but its value is heavily dependent on other countries. So it's no harm for them to end that dependency, rather it will benefit them in long run.
Let's just hope it happens for sure!
Let's just hope it happens for sure!
January 13, 2022, 11:11:59 AM
https://cryptopotato.com/tonga-could-adopt-bitcoin-btc-as-legal-tender-by-november-says-former-mp/
https://mobile.twitter.com/LordFusitua/status/1481101011506774016
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.
When I read this, I checked about the currency Toga is spending
https://en.m.wikipedia.org/wiki/Tongan_pa%CA%BBanga
This means that this country is like El Salvador that do not regulate their own currency. Paʻanga which is the currency Toga citizens are spending is pegged with the currencies of another countries. It is possible that Toga may be the next country to adopt bitcoin as a legal tender.
Quote
According to the latest tweets, Lord Fusitu’a hinted at the tentative arrival of Bitcoin as a legal tender for the Pacific island nation of Tonga. The former MP said the country could potentially adopt the cryptocurrency by November this year. The bill in question will be submitted to the House by September- October.
Lord Fusitu’a, a Tongan royalty, was reportedly working together with Jack Mallers, the CEO of Strike and architect of El Salvador’s Bitcoin project, to bring the BTC legal framework to Tonga.
Lord Fusitu’a, a Tongan royalty, was reportedly working together with Jack Mallers, the CEO of Strike and architect of El Salvador’s Bitcoin project, to bring the BTC legal framework to Tonga.
https://mobile.twitter.com/LordFusitua/status/1481101011506774016
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.
When I read this, I checked about the currency Toga is spending
https://en.m.wikipedia.org/wiki/Tongan_pa%CA%BBanga
Quote
The paʻanga is the currency of Tonga. It is controlled by the National Reserve Bank of Tonga (Pangikē Pule Fakafonua ʻo Tonga) in Nukuʻalofa. The paʻanga is not convertible and is pegged to a basket of currencies comprising the Australian, New Zealand, and United States dollars and the Japanese yen.
This means that this country is like El Salvador that do not regulate their own currency. Paʻanga which is the currency Toga citizens are spending is pegged with the currencies of another countries. It is possible that Toga may be the next country to adopt bitcoin as a legal tender.
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