1.This seems like another clickbait article.Bitcoin still hasn't been accepted as legal tender in Tonga.There's a proposal in the parliament,but that proposal might be denied.
2.Countries like Tonga can have liberal Bitcoin regulation without the necessity of declaring Bitcoin a legal tender.What's the problem of accepting BTC payments in Tonga without Bitcoin being a legal tender?
Is Bitcoin illegal in Tonga?
3.The international monetary fund will always be a pro-fiat and anti-crypto organization.
The whole purpose of IMF is to protect fiat currencies and the global fiat financial system from any threat that arrives.
Topic: Tonga will probably be the next country to make Bitcoin legal tender - page 4. (Read 705 times)
December 13, 2021, 03:47:49 AM
December 13, 2021, 01:23:46 AM
Well I hope they see through to it just like El Salvador did, it will encourage other smaller countries to make this type of decision, 30% on remittance is not a small amount, that's a complete ripoff, if they are able to legalize btc they won't have to pay such a high percentage on remittance.
This is good that, small countries are starting to get into the market and tries to adapt bitcoin and other cryptocurrency. Let's hope that it's going to be the case, with more people in the network means that the network becomes more congested which is going to be a problem for the market. 
December 12, 2021, 10:14:12 PM
Pending the passing of the law that will hopefully make Bitcoin a legal tender of the beautiful yet isolated kingdom of Tonga, why doesn't the government just declare Bitcoin as an acceptable currency? I guess a mere executive order or something like that would be enough to make the ball rolling for this tiny country.
I think this Bitcoin-as-a-legal-tender experiment would be much easier to manage and probably faster to earn success in this very small Polynesian island nation than in El Salvador considering that Tonga is very small both in area and population.
The biggest challenge, however, would be technological and basic infrastructures that would provide the population reliable electricity and internet connection as well as the access to smart phones. This is particularly more challenging because the country is archipelagic and that several small inhabited islands are living off the grid.
I think this Bitcoin-as-a-legal-tender experiment would be much easier to manage and probably faster to earn success in this very small Polynesian island nation than in El Salvador considering that Tonga is very small both in area and population.
The biggest challenge, however, would be technological and basic infrastructures that would provide the population reliable electricity and internet connection as well as the access to smart phones. This is particularly more challenging because the country is archipelagic and that several small inhabited islands are living off the grid.
Every Bitcoin adoption like this needs adjustment to pursue its legalization. If a country couldn't provide the adjustments needed, the legalization plan will surely fail. As we all know, electricity and the internet are needed to successfully adopt Bitcoin and other cryptocurrencies. However, this kind of adoption is a good sign that more countries even the small ones are willing to accept cryptocurrency for their innovation and technology development.
Just a little point of disagreement. Not even the small ones but especially the small ones. And I am not only referring to land area or population, I am referring to small economies especially. Those that are disadvantaged by the global fiat system. Those that are not attended to by the global financial institutions. These are the discriminated countries where most citizens are deprived of banking services, preyed upon by traditional money transmitters, and who are the receiving end of intolerable inflation rates.
Unless these oppressed are going to give up thier resources and use the money of thier oppressor, that's when they can have developments but no freedom.
It just needs another country to try what El Salvador had done for more countries to consider BTC as legal tender as well. IMF is now reacting crazy. They are imposing sanctions on countries like cutting them off from trading by not allowing countries to use the SWIFT network and then just letting the country dry out of money not able to trade with others.
But now there is just a way to get around with it like what Russia had done which they have thier own System for Transfer of Financial Messages (SPFS). With Bitcoin, any small country like Tonga can be financially independent.
December 12, 2021, 09:35:06 PM
Pending the passing of the law that will hopefully make Bitcoin a legal tender of the beautiful yet isolated kingdom of Tonga, why doesn't the government just declare Bitcoin as an acceptable currency? I guess a mere executive order or something like that would be enough to make the ball rolling for this tiny country.
I think this Bitcoin-as-a-legal-tender experiment would be much easier to manage and probably faster to earn success in this very small Polynesian island nation than in El Salvador considering that Tonga is very small both in area and population.
The biggest challenge, however, would be technological and basic infrastructures that would provide the population reliable electricity and internet connection as well as the access to smart phones. This is particularly more challenging because the country is archipelagic and that several small inhabited islands are living off the grid.
I think this Bitcoin-as-a-legal-tender experiment would be much easier to manage and probably faster to earn success in this very small Polynesian island nation than in El Salvador considering that Tonga is very small both in area and population.
The biggest challenge, however, would be technological and basic infrastructures that would provide the population reliable electricity and internet connection as well as the access to smart phones. This is particularly more challenging because the country is archipelagic and that several small inhabited islands are living off the grid.
Every Bitcoin adoption like this needs adjustment to pursue its legalization. If a country couldn't provide the adjustments needed, the legalization plan will surely fail. As we all know, electricity and the internet are needed to successfully adopt Bitcoin and other cryptocurrencies. However, this kind of adoption is a good sign that more countries even the small ones are willing to accept cryptocurrency for their innovation and technology development.
Just a little point of disagreement. Not even the small ones but especially the small ones. And I am not only referring to land area or population, I am referring to small economies especially. Those that are disadvantaged by the global fiat system. Those that are not attended to by the global financial institutions. These are the discriminated countries where most citizens are deprived of banking services, preyed upon by traditional money transmitters, and who are the receiving end of intolerable inflation rates.
December 12, 2021, 04:31:32 PM
the only impact that tonga would have if they agreed to use bitcoin as the main currency in the country would be that all the news channels would be talking about it, the small number of people who have tonga is something that would not affect the price, i say this because not everyone would buy bitcoin and also have a question to see what is the purchasing power of each person in Tonga
December 12, 2021, 01:00:52 PM
Pending the passing of the law that will hopefully make Bitcoin a legal tender of the beautiful yet isolated kingdom of Tonga, why doesn't the government just declare Bitcoin as an acceptable currency? I guess a mere executive order or something like that would be enough to make the ball rolling for this tiny country.
I think this Bitcoin-as-a-legal-tender experiment would be much easier to manage and probably faster to earn success in this very small Polynesian island nation than in El Salvador considering that Tonga is very small both in area and population.
The biggest challenge, however, would be technological and basic infrastructures that would provide the population reliable electricity and internet connection as well as the access to smart phones. This is particularly more challenging because the country is archipelagic and that several small inhabited islands are living off the grid.
I think this Bitcoin-as-a-legal-tender experiment would be much easier to manage and probably faster to earn success in this very small Polynesian island nation than in El Salvador considering that Tonga is very small both in area and population.
The biggest challenge, however, would be technological and basic infrastructures that would provide the population reliable electricity and internet connection as well as the access to smart phones. This is particularly more challenging because the country is archipelagic and that several small inhabited islands are living off the grid.
Every Bitcoin adoption like this needs adjustment to pursue its legalization. If a country couldn't provide the adjustments needed, the legalization plan will surely fail. As we all know, electricity and the internet are needed to successfully adopt Bitcoin and other cryptocurrencies. However, this kind of adoption is a good sign that more countries even the small ones are willing to accept cryptocurrency for their innovation and technology development.
December 12, 2021, 11:38:53 AM
This should have been done long back. I don't even understand the point in these Pacific microstates having their own currency.
Every country that cares about its sovereignty and national identity needs a national currency - and I would dare to say that every country that does not have a national currency has a big problem because it depends on the currency of another country. El Salvador is a good example because they were completely dependent on US $, and now they have decided to try Bitcoin because they have nothing to lose.
The importance of having a national currency is best illustrated by the example of the EU and the crisis that began in 2007-2008. While the UK immediately took the necessary measures because it was outside the eurozone, the rest of the EU did virtually nothing until 2015 and everyone more or less shared the same fate.
Quote from: https://www.investopedia.com/articles/investing/050515/why-these-european-countries-dont-use-euro.asp
Since the European Central Bank (ECB) sets the economic and monetary policies for all eurozone nations, there is no independence for an individual state to craft policies tailored for its own conditions.
The UK, a prior EU member, may have managed to recover from the 2007-2008 financial crisis by quickly cutting domestic interest rates in October of 2008 and initiating a quantitative easing program in March of 2009. In contrast, the European Central Bank waited until 2015 to start its quantitative easing program (creating money to buy government bonds to spur the economy).
The UK, a prior EU member, may have managed to recover from the 2007-2008 financial crisis by quickly cutting domestic interest rates in October of 2008 and initiating a quantitative easing program in March of 2009. In contrast, the European Central Bank waited until 2015 to start its quantitative easing program (creating money to buy government bonds to spur the economy).
December 11, 2021, 11:30:20 PM
This should have been done long back. I don't even understand the point in these Pacific microstates having their own currency. The cost of printing the banknotes may carve up a sizable fraction of the GDP. Either they should use a decentralized currency such as Bitcoin, or they should go for some foreign currency such as the AUD or the USD. I checked the historical exchange rates of Tongan Pa’anga, and I noticed that it is very stable. But still, the central bank maybe spending a lot of resources in maintaining stability in exchange rate.
December 11, 2021, 07:52:10 PM
Honestly, I just read about the country namely Tonga. So after searching on the internet that the data shows us that the condition of people is suitable to implemented crypto as legal tender. Crypto has various advantages that can meet their needs such as easy access, cheap and can improve the welfare of its people through convenience and comfort.
They are somewhat a good country to implement this since they are open on various opportunities which can help them boost their economy. Provably this will be the best option they do if they fully implement this plan and once they totally make bitcoin as their legal tender for sure the two countries announce it will be lucky if more countries will also do it since for sure the price will boost up and so lucky for them to buy at good rate. This could also help their people in economical aspect or in their digital transaction since we know bitcoin gives both convenience and opportunity.
Not only if they are open to this concept but because they have small population and you can easily implement this switch of financial system. If in general, this move will be favorable on them, I guess, it now depends on their government officials if they will follow the path of El Salvador. And the good thing here is that with small population, it would be easier to implement this system. So let's wait if indeed the Tongans can enjoy the benefits of being crypto-dominated country.
December 11, 2021, 07:16:22 AM
Didn't know that they're paying that much fee for transfers using Western Union. Well, if they're already on the plans of making it as a legal tender, that's an absolute delight to them and that's a lot of money that they can save. These remittances are taking advantage of the people probably not only from Tonga but also in other small countries that don't have much competition for their service.
December 10, 2021, 08:56:29 AM
Honestly, I just read about the country namely Tonga. So after searching on the internet that the data shows us that the condition of people is suitable to implemented crypto as legal tender. Crypto has various advantages that can meet their needs such as easy access, cheap and can improve the welfare of its people through convenience and comfort.
They are somewhat a good country to implement this since they are open on various opportunities which can help them boost their economy. Provably this will be the best option they do if they fully implement this plan and once they totally make bitcoin as their legal tender for sure the two countries announce it will be lucky if more countries will also do it since for sure the price will boost up and so lucky for them to buy at good rate. This could also help their people in economical aspect or in their digital transaction since we know bitcoin gives both convenience and opportunity.
December 10, 2021, 08:41:48 AM
Honestly, I just read about the country namely Tonga. So after searching on the internet that the data shows us that the condition of people is suitable to implemented crypto as legal tender. Crypto has various advantages that can meet their needs such as easy access, cheap and can improve the welfare of its people through convenience and comfort.
Yeah, I also have never heard of this name before, this is my very first time of getting to know about this, that there is a country that goes by that name. That’s quite nice, and also getting to know that they are interested in Bitcoin is something else. Really nice how there are countries that are now looking forward to adopt Bitcoin as a legal, although I know that it is not going to be that way for every country, but at least there are some that values it that much, and it makes me quite happy.Everything has their own choice, and some has chosen to create their own digital currencies, which is not bad; all were inspired by bitcoin, because if there wasn’t bitcoin in the first place, there wouldn’t be any digital currency. So when you look at the history, it’s still all about BTC.
December 09, 2021, 12:51:54 PM
Honestly, I just read about the country namely Tonga. So after searching on the internet that the data shows us that the condition of people is suitable to implemented crypto as legal tender. Crypto has various advantages that can meet their needs such as easy access, cheap and can improve the welfare of its people through convenience and comfort.
December 09, 2021, 12:49:58 PM
According to the news the MP decided it would be a good idea to make bitcoins legal tender back in November, starting of the month. But we have not yet received anything regarding that matter which does mean that, it's not that solid right now.
It would not need just one MP but many taking the vote therefore we can just hope. But then again the parliament member decided that it would be a good idea to do it in 2022 which does mean that we have to still wait a lot.
I would say that it all starts with one MP, then it would get bigger and bigger and bigger. Why do you think politicians end up taking a stance on some policies all of a sudden? Something that wasn't talked for decades, suddenly becomes a very big talking point? That is because if the MP that says something ends up getting a ton of votes, that usually results with a great deal of other MP's to change their view in order to get more votes as well. That is what we are talking about here, we want to see people get a great deal of profit with the help of their government and politicians will realize supporting this will get them votes.It would not need just one MP but many taking the vote therefore we can just hope. But then again the parliament member decided that it would be a good idea to do it in 2022 which does mean that we have to still wait a lot.
I have to be honest I never heard of Tonga before, but I believe that wherever that place is, the same logic of getting popular equals more love from voters probably is still the same with every other nation in the world.
December 09, 2021, 11:54:58 AM
Legal tender means people MUST pay with Bitcoin, and that I disagree. I agree with a simple law that states people can freely use Bitcoin as cash or whatever means of payment. People should be free to use what currency they want to use or reject, but that's only exists in an imaginary country... Well, I'd like to see what the law really said before making further comment.
December 08, 2021, 09:28:58 PM
Pending the passing of the law that will hopefully make Bitcoin a legal tender of the beautiful yet isolated kingdom of Tonga, why doesn't the government just declare Bitcoin as an acceptable currency? I guess a mere executive order or something like that would be enough to make the ball rolling for this tiny country.
To answer that, it may help to remember the era from 2016 to 2020 when Donald Trump was called a dictator due to him issuing executive orders.
Apparently, that type of behavior is... what dictators do?
Is that how it works?
Perhaps we should differentiate a direct abuse of power and the mere use of what's legally provided for by the constitution. Executive order is there made available as a legal means to issue policies. At the end of the day, an executive order does not really give order to the country's population.
In the case of Tonga, an executive order doesn't really order each and every Tongan to accept Bitcoin. I think it will only order executive agencies of the government to allow transactions made in Bitcoin. I was just thinking this is a convenient way to provide the people the alternative, a cheaper and more convenient one at that, while the actual bill is yet to be filed, deliberated upon, reviewed and hopefully approved.
December 08, 2021, 06:44:46 PM
When El Salvador did make the first move then it did really give out some insights on other countries which are suffering on some problems like this
money remittance huge deductions and i couldnt really blame them off if there would be some probability that they would go for a change which Bitcoin
could give.If El Salvador did able to do so then why cant they? Any news something connected to this is always a positive one.
money remittance huge deductions and i couldnt really blame them off if there would be some probability that they would go for a change which Bitcoin
could give.If El Salvador did able to do so then why cant they? Any news something connected to this is always a positive one.
December 08, 2021, 05:02:03 PM
Pending the passing of the law that will hopefully make Bitcoin a legal tender of the beautiful yet isolated kingdom of Tonga, why doesn't the government just declare Bitcoin as an acceptable currency? I guess a mere executive order or something like that would be enough to make the ball rolling for this tiny country.
I think this Bitcoin-as-a-legal-tender experiment would be much easier to manage and probably faster to earn success in this very small Polynesian island nation than in El Salvador considering that Tonga is very small both in area and population.
The biggest challenge, however, would be technological and basic infrastructures that would provide the population reliable electricity and internet connection as well as the access to smart phones. This is particularly more challenging because the country is archipelagic and that a number of small inhabited islands are living off the grid.
If those are the proper channels on Tonga then it is better that it is done this way even if it takes longer, after all if whoever is the head of state there did something like that what is stopping the next head of state of turning back that decision? It is better that this is talked about and voted by the representatives of the country, after all having to pay 30% on fees for a remittance service is ridiculous when bitcoin can probably offer better performance for any transaction above 10 dollars or so. I think this Bitcoin-as-a-legal-tender experiment would be much easier to manage and probably faster to earn success in this very small Polynesian island nation than in El Salvador considering that Tonga is very small both in area and population.
The biggest challenge, however, would be technological and basic infrastructures that would provide the population reliable electricity and internet connection as well as the access to smart phones. This is particularly more challenging because the country is archipelagic and that a number of small inhabited islands are living off the grid.
December 08, 2021, 03:24:49 PM
For the population there and for nationals abroad there is an obvious benefit
to them by saving on the cost of transferring funds to an from the island,
this was also one of the key reasons El Salvador adopted Bitcoin.
Even if you didnt want to fully adopt Bitcoin on a personal level, ditching Western
Union for Bitcoin is a no-brainer.
to them by saving on the cost of transferring funds to an from the island,
this was also one of the key reasons El Salvador adopted Bitcoin.
Even if you didnt want to fully adopt Bitcoin on a personal level, ditching Western
Union for Bitcoin is a no-brainer.
December 08, 2021, 11:12:53 AM
According to the news the MP decided it would be a good idea to make bitcoins legal tender back in November, starting of the month. But we have not yet received anything regarding that matter which does mean that, it's not that solid right now.
It would not need just one MP but many taking the vote therefore we can just hope. But then again the parliament member decided that it would be a good idea to do it in 2022 which does mean that we have to still wait a lot.
What we can see is that small countries are more accepting towards cryptocurrencies like bitcoins. Big countries, I doubt it. US was already taking major hits and UK is also bothered about the Bitcoin gambling sites corrupting the politicians. I do think it would make a major impact once most of the countries do that, especially the strong ones. I think Ukraine must be close to thinking about it in that direction as well.
It would not need just one MP but many taking the vote therefore we can just hope. But then again the parliament member decided that it would be a good idea to do it in 2022 which does mean that we have to still wait a lot.
What we can see is that small countries are more accepting towards cryptocurrencies like bitcoins. Big countries, I doubt it. US was already taking major hits and UK is also bothered about the Bitcoin gambling sites corrupting the politicians. I do think it would make a major impact once most of the countries do that, especially the strong ones. I think Ukraine must be close to thinking about it in that direction as well.
Jump to: