Tonga will probably be the next country to make Bitcoin legal tender - page 2.

Kakmakr

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Quote from: nullama on January 13, 2022, 11:15:46 PM

Quote from: goldkingcoiner on January 13, 2022, 10:38:15 PM

Tonga does seem like a mentionworthy candidate for making Bitcoin legal tender but I have also heard more rumors from the southern Americas, especially Mexico. Whatever happened to that? For sure we had been hearing a great many rumors about mexico finally legalizing Bitcoin as legal tender?

Tonga with a population of around 105k won't really compare much to El Salvador with a population over 6 million. How many people in Tonga even have access to the internet and are interested in Bitcoin? I don't see a huge impact. Undecided

Mexico doesn't seem to be anywhere near making Bitcoin legal tender:

Quote

In a press conference earlier today, Mexican President Andres Manuel Lopez Obrador ruled out the possibility of his country adopting Bitcoin as legal tender.

"We are not going to change in that aspect. We think that we must maintain orthodoxy in the management of finances [and] not try to innovate much in financial management," the president said in response to reporters’ questions about Bitcoin.

source: https://decrypt.co/83472/mexico-bitcoin-legal-tender-president

Tonga has an Internet penetration of about 41%, although it's also reported to have 72.5% of it's population in social media. Not very trustworthy number I reckon.

source: https://datareportal.com/reports/digital-2021-tonga

Well, add to that the fact that Tonga only have a total population of about 105,697 people in (2020) ...so based on your active Social media statistics about 31 000 people will probably not use Bitcoin. Roll Eyes

If about 60% of the people does not have access to the internet, then the statistics are even worst... (About 42 000 people will have Internet and they will be able to use Bitcoin as legal tender) Sad

nullama

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Quote from: goldkingcoiner on January 13, 2022, 10:38:15 PM

Tonga does seem like a mentionworthy candidate for making Bitcoin legal tender but I have also heard more rumors from the southern Americas, especially Mexico. Whatever happened to that? For sure we had been hearing a great many rumors about mexico finally legalizing Bitcoin as legal tender?

Tonga with a population of around 105k won't really compare much to El Salvador with a population over 6 million. How many people in Tonga even have access to the internet and are interested in Bitcoin? I don't see a huge impact. Undecided

Mexico doesn't seem to be anywhere near making Bitcoin legal tender:

Quote

In a press conference earlier today, Mexican President Andres Manuel Lopez Obrador ruled out the possibility of his country adopting Bitcoin as legal tender.

"We are not going to change in that aspect. We think that we must maintain orthodoxy in the management of finances [and] not try to innovate much in financial management," the president said in response to reporters’ questions about Bitcoin.

source: https://decrypt.co/83472/mexico-bitcoin-legal-tender-president

Tonga has an Internet penetration of about 41%, although it's also reported to have 72.5% of it's population in social media. Not very trustworthy number I reckon.

source: https://datareportal.com/reports/digital-2021-tonga

goldkingcoiner

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Tonga does seem like a mentionworthy candidate for making Bitcoin legal tender but I have also heard more rumors from the southern Americas, especially Mexico. Whatever happened to that? For sure we had been hearing a great many rumors about mexico finally legalizing Bitcoin as legal tender?

Tonga with a population of around 105k won't really compare much to El Salvador with a population over 6 million. How many people in Tonga even have access to the internet and are interested in Bitcoin? I don't see a huge impact. Undecided

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Quote from: nullama on January 13, 2022, 06:46:29 PM

Basically he's estimating that Tonga will have Bitcoin as legal tender by the end of 2022, a few months later than originally expected.

Too many clearances are needed and I expect further delays. I am residing in a third world country and I know a thing or two about bureaucracy and red tape in such countries. And I don't expect everything to go smoothly. In case of El Salvador, the president was able to efficiently deal with the threats and bullying from the external actors. But can a small island nation like Tonga behave in the same way? As far as I know, this nation is still heavily dependent on foreign grants and loans, for a large part of its GDP.

nullama

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Lord Fusitu’a tweeted an estimated date when Tonga would theoretically make Bitcoin legal tender, if everything goes right:

https://twitter.com/LordFusitua/status/1481101011506774016

Quote from: Lord Fusitu’a

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.

Basically he's estimating that Tonga will have Bitcoin as legal tender by the end of 2022, a few months later than originally expected.

wxa7115

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Quote from: Maslate on January 12, 2022, 06:22:47 PM

I wouldn't be surprised if they'll legalize bitcoin. A country that is not good economically has all the freedom to try to make to develop their country and they see that opportunity in crypto, it just has to be regulated so everything will be under control and us investors seeing countries adopting bitcoin as their legal tender would boost confidence in investing and holding it for long term.

Looking forward to further development and great news, I hope this will work out effectively.

Small countries have all the incentives to move forward with this, after all there are many countries that do not use their own currency and instead use a foreign one to conduct their economy, so they are not held back by any kind of desire to protect their own fiat currency as they do not have one.

So in those countries if they can find a reason to adopt bitcoin then they will do so, which is great as the more countries adopt bitcoin the more legitimacy will win in the eyes of the average person.

Sithara007

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Quote from: Maslate on January 12, 2022, 06:22:47 PM

I wouldn't be surprised if they'll legalize bitcoin. A country that is not good economically has all the freedom to try to make to develop their country and they see that opportunity in crypto, it just has to be regulated so everything will be under control and us investors seeing countries adopting bitcoin as their legal tender would boost confidence in investing and holding it for long term.

Looking forward to further development and great news, I hope this will work out effectively.

I believe that Bitcoin is already legal there. Recognizing as the legal tender is one thing, and regulating the asset and making it legal to deal is another. So far we haven't heard anything concrete about countries other than El Salvador. I have heard rumors about Malta, Panama and Paraguay, but the effort to award the status of legal tender has run in to roadblocks and obstacles in all these countries. Anyway, we were not expecting everything to proceed smoothly. Within the next 2-3 years, we are going to witness a big jump in acceptance.

Maslate

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I wouldn't be surprised if they'll legalize bitcoin. A country that is not good economically has all the freedom to try to make to develop their country and they see that opportunity in crypto, it just has to be regulated so everything will be under control and us investors seeing countries adopting bitcoin as their legal tender would boost confidence in investing and holding it for long term.

Looking forward to further development and great news, I hope this will work out effectively.

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Quote from: TheNineClub on January 07, 2022, 09:46:11 AM

Finally, someone talking some sense. This is basically that meme of a water tank having a leak, and the guy slapping a bandage (or something of the sort) on it. I am not questioning El Salvador doing this, their situation is that they are grasping at straws, but, In a global sense, them adopting BTC will do little for them (for the reasons you mentioned above), and nothing for BTC in the long run. Drastic moves like this rarely pan out as they should, it's rather the gradual and organic evolution that makes for a longer lifespan. It just worries me that, if it backfires, the critics will point to it as being definitive proof that crypto just doesn't work.

You can be sure that if something goes wrong at El Salvador and their adoption of bitcoin this is going to be used as ammunition against bitcoin and all cryptocurrencies, also I do not think that other governments are just waiting patiently for this and instead are actively trying to sabotage bitcoin adoption at El Salvador, as we saw protests against bitcoin in that country that most likely were sponsored by foreign powers, still even if that happens at the end it does not change anything at a fundamental level about bitcoin, and slowly but surely it will begin to be adopted independently by the people that have a use for it.

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Quote from: DrBeer on January 07, 2022, 08:13:18 AM

Quote from: Vaskiy on January 03, 2022, 10:50:11 AM

Quote from: Sithara007 on December 31, 2021, 12:26:34 AM

Quote from: Vaskiy on December 28, 2021, 09:37:23 AM

More countries were discussed of being on the next list of bitcoin adoption. Few of the countries include Vietnam, Paraguay, Kenya, South Africa. But, there is no official statement from any of the respective government. Everything is listed based on some speculation. Apart from these countries, on a survey taken in USA 27% of people showed interest of making bitcoin legal tender. I don't know how far this is true, but every country is watching El Salvador closely. Soon we can see more countries legally adopting bitcoin.

From where did you got this list? I am surprised with the inclusion of Vietnam, because until very recently, Bitcoin was explicitly banned there and there were reports of users getting arrested. I have heard about countries like Paraguay, Panama, Malta and Cyprus. But the inclusion of Kenya, South Africa.etc surprises me. Anyway, El Salvador was the first and that country (along with the president Nayib Bukele) will be having a special place with each of us. And the people of El Salvador have benefitted greatly from the Bitcoin adoption.

Refering the below two articles published on different news sources I've added these countries. How far this is true is unknown. As you mentioned there is series opposition from Vietnam, but the usage index seems high compared to more other countries.

El Salvador has adopted Bitcoin as official legal tender - but will other countries follow?
The world’s fastest crypto adopting countries

Attempts to transfer the vector of solutions from a practical plane to a technologically fabulous one, in the near future will create huge problems in countries such as El Salvador. Let me explain - instead of modernizing the real economy and replacing an inadequate government, which is the primary cause of real problems in the country, they are trying to play on trends and talk about bitcoin the savior. It will not happen. This is analogous to the fact that instead of treating a complex disease, an antiseptic would be applied to the surface manifestations of this disease. And while everyone is cheerfully and cheerfully smearing spots on the skin with spunzhiks, the disease irreversibly kills the body from the inside.

Finally, someone talking some sense. This is basically that meme of a water tank having a leak, and the guy slapping a bandage (or something of the sort) on it. I am not questioning El Salvador doing this, their situation is that they are grasping at straws, but, In a global sense, them adopting BTC will do little for them (for the reasons you mentioned above), and nothing for BTC in the long run. Drastic moves like this rarely pan out as they should, it's rather the gradual and organic evolution that makes for a longer lifespan. It just worries me that, if it backfires, the critics will point to it as being definitive proof that crypto just doesn't work.

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Quote from: Vaskiy on January 03, 2022, 10:50:11 AM

Quote from: Sithara007 on December 31, 2021, 12:26:34 AM

Quote from: Vaskiy on December 28, 2021, 09:37:23 AM

More countries were discussed of being on the next list of bitcoin adoption. Few of the countries include Vietnam, Paraguay, Kenya, South Africa. But, there is no official statement from any of the respective government. Everything is listed based on some speculation. Apart from these countries, on a survey taken in USA 27% of people showed interest of making bitcoin legal tender. I don't know how far this is true, but every country is watching El Salvador closely. Soon we can see more countries legally adopting bitcoin.

From where did you got this list? I am surprised with the inclusion of Vietnam, because until very recently, Bitcoin was explicitly banned there and there were reports of users getting arrested. I have heard about countries like Paraguay, Panama, Malta and Cyprus. But the inclusion of Kenya, South Africa.etc surprises me. Anyway, El Salvador was the first and that country (along with the president Nayib Bukele) will be having a special place with each of us. And the people of El Salvador have benefitted greatly from the Bitcoin adoption.

Refering the below two articles published on different news sources I've added these countries. How far this is true is unknown. As you mentioned there is series opposition from Vietnam, but the usage index seems high compared to more other countries.

El Salvador has adopted Bitcoin as official legal tender - but will other countries follow?
The world’s fastest crypto adopting countries

Attempts to transfer the vector of solutions from a practical plane to a technologically fabulous one, in the near future will create huge problems in countries such as El Salvador. Let me explain - instead of modernizing the real economy and replacing an inadequate government, which is the primary cause of real problems in the country, they are trying to play on trends and talk about bitcoin the savior. It will not happen. This is analogous to the fact that instead of treating a complex disease, an antiseptic would be applied to the surface manifestations of this disease. And while everyone is cheerfully and cheerfully smearing spots on the skin with spunzhiks, the disease irreversibly kills the body from the inside.

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Quote from: Sithara007 on December 31, 2021, 12:26:34 AM

Quote from: Vaskiy on December 28, 2021, 09:37:23 AM

More countries were discussed of being on the next list of bitcoin adoption. Few of the countries include Vietnam, Paraguay, Kenya, South Africa. But, there is no official statement from any of the respective government. Everything is listed based on some speculation. Apart from these countries, on a survey taken in USA 27% of people showed interest of making bitcoin legal tender. I don't know how far this is true, but every country is watching El Salvador closely. Soon we can see more countries legally adopting bitcoin.

From where did you got this list? I am surprised with the inclusion of Vietnam, because until very recently, Bitcoin was explicitly banned there and there were reports of users getting arrested. I have heard about countries like Paraguay, Panama, Malta and Cyprus. But the inclusion of Kenya, South Africa.etc surprises me. Anyway, El Salvador was the first and that country (along with the president Nayib Bukele) will be having a special place with each of us. And the people of El Salvador have benefitted greatly from the Bitcoin adoption.

Refering the below two articles published on different news sources I've added these countries. How far this is true is unknown. As you mentioned there is series opposition from Vietnam, but the usage index seems high compared to more other countries.

El Salvador has adopted Bitcoin as official legal tender - but will other countries follow?
The world’s fastest crypto adopting countries

romero121

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Rather than adoption we can expect more countries to accept and legalize cryptocurrency. Countries fear of losing the financial control if bitcoin is made legal. In reality this isn't the truth, and people and rulers have started to realise it.

Following the growth difference before and after the adoption of bitcoin as legal tender we can see more small countries as El Salvador to adopt and accept bitcoin directly than through third party services.

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Quote from: Kyraishi on December 25, 2021, 02:48:36 PM

Quote

"Given bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability. Its use also gives rise to fiscal contingent liabilities. Because of those risks, bitcoin should not be used as a legal tender."

Utter bullshit.

The arguments are completely nonsensical. How does volatility have to do with BTC's ability to be legal tender?

It's all a matter of what the mainstream perception of BTC is. If a lot of people denominate their purchases in BTC as a native asset, then there will be no issues with volatility.

They are trying to sell the idea that bitcoin is bad because of its price swings, but what they are not telling the population is that even if the price can be volatile the price of bitcoin has the tendency to go up so it is a great way to invest and save their money, however when it comes to fiat I think we can recognize that it is more stable than bitcoin, but its overall purchasing value goes down every single year and over the long term it is a bad way to save.

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Quote from: titular on December 31, 2021, 01:42:33 AM

I think that many countries are waiting to see how the IMF will react to El Salvador.

It's been reported that El Salvador is still looking to get money from the IMF. It is unclear how they will work with them, given they are doing something the IMF warned them about. The IMF has made it clear to them that their bitcoin legal tender law could be dangerous and thus advised against it.

I will be interested to see if El Salvador gets the money they are looking for. If they do, I think we see a lot of governments make the leap.

Well, you can see for yourself - bitcoin doesn’t save anyone, everyone needs real money for real sectors of the economy! Until the crypt becomes full-fledged, it is accepted by the whole world as a payment currency, for ANY purposes, it will only be a crypto asset, but nothing more

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I think that many countries are waiting to see how the IMF will react to El Salvador.

It's been reported that El Salvador is still looking to get money from the IMF. It is unclear how they will work with them, given they are doing something the IMF warned them about. The IMF has made it clear to them that their bitcoin legal tender law could be dangerous and thus advised against it.

I will be interested to see if El Salvador gets the money they are looking for. If they do, I think we see a lot of governments make the leap.

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Quote from: Vaskiy on December 28, 2021, 09:37:23 AM

More countries were discussed of being on the next list of bitcoin adoption. Few of the countries include Vietnam, Paraguay, Kenya, South Africa. But, there is no official statement from any of the respective government. Everything is listed based on some speculation. Apart from these countries, on a survey taken in USA 27% of people showed interest of making bitcoin legal tender. I don't know how far this is true, but every country is watching El Salvador closely. Soon we can see more countries legally adopting bitcoin.

From where did you got this list? I am surprised with the inclusion of Vietnam, because until very recently, Bitcoin was explicitly banned there and there were reports of users getting arrested. I have heard about countries like Paraguay, Panama, Malta and Cyprus. But the inclusion of Kenya, South Africa.etc surprises me. Anyway, El Salvador was the first and that country (along with the president Nayib Bukele) will be having a special place with each of us. And the people of El Salvador have benefitted greatly from the Bitcoin adoption.

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More countries were discussed of being on the next list of bitcoin adoption. Few of the countries include Vietnam, Paraguay, Kenya, South Africa. But, there is no official statement from any of the respective government. Everything is listed based on some speculation. Apart from these countries, on a survey taken in USA 27% of people showed interest of making bitcoin legal tender. I don't know how far this is true, but every country is watching El Salvador closely. Soon we can see more countries legally adopting bitcoin.

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Quote from: DrBeer on December 25, 2021, 02:44:35 PM

The question is - haven't you all noticed one interesting trend? Only those countries where, to put it mildly, a low standard of living, not a very successful / skillful / adequate government, are "introducing the official means of payment" cryptocurrency "100%?

I see this as a completely normal thing, because if I take the example of El Salvador, then Bitcoin was initially emphasized as a means to enable their emigrants to send money home in a cheaper and faster way. This goal was achieved by setting up a large number of crypto ATMs in El Salvador, but also in all major US cities - the goal was achieved.

Of course, this was not the end, but only the beginning of what their president is trying to do for his compatriots. Nonetheless, it was a bold move that put the country in the focus of the whole world, and if the project succeeds, people will look at Bitcoin in a completely different light.

Quote from: DrBeer on December 25, 2021, 02:44:35 PM

You will not find a single country with a functioning economy, local currency, industry or manufacturing in the news. And what is important - they, those who introduce cryptocurrency as a means of payment, do not understand that this is not a solution, this is an attempt to use the hype and "fashion trend", to give a "solution to all problems" type.

Every sovereign country protects its national currency in all possible ways, so it is logical that we cannot expect to read about how the UK or US have the same approach to Bitcoin as El Salvador which has not had its national currency for 20 years. Bitcoin has always been an alternative for me, the world we live in will not allow anything more than that in the near future - despite the illusions that some have about how Bitcoin will become a global currency.

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Quote from: Kyraishi on December 25, 2021, 02:48:36 PM

Quote

"Given bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability. Its use also gives rise to fiscal contingent liabilities. Because of those risks, bitcoin should not be used as a legal tender."

Utter bullshit.

The arguments are completely nonsensical. How does volatility have to do with BTC's ability to be legal tender?

It's all a matter of what the mainstream perception of BTC is. If a lot of people denominate their purchases in BTC as a native asset, then there will be no issues with volatility.

In addition of that on which if this one had become the main issue then why we are seeing that El Salvador doesnt really care that all when it comes to volatility?
It cant really be denied that this one is really a big problem when it comes to or do talks about overall acceptance because it will surely be part of it
and a certain country would consider out first before making such decision in the end.If there are other countries who had been eyeing for this
one then so be it and thats an another good news.

Topic: Tonga will probably be the next country to make Bitcoin legal tender - page 2. (Read 739 times)