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 former Member of Parliament of Tonga, Lord Fusitwa, who has tweeted about a possible timeline for the event. Fusitu’a believes that by next fall a bill will be passed by Tonga’s parliament and bitcoin could become legal tender in the region by November.

Former Tongan Parliament Member Lord Fusitwa Claims Bitcoin Bill Could Be Passed In Order To Make Crypto Assets Legal Tender

Tonga’s chair of the Commonwealth and Pacific Parliamentary Group on Human Rights, Lord Fossetwa, is a bitcoin advocate and on January 11, to explain On Twitter, the government of the Kingdom of Tonga may adopt bitcoin as legal tender. This news comes on the heels of El Salvador’s efforts to file a legal tender for Bitcoin (BTC) last year. A few months ago, the law was codified by the El Salvadorian Congress and BTC was deemed legal tender in El Salvador.

Lord Fusitwa, who was once a member of the Parliament of Tonga, claims that the same thing will happen in Tonga. On Tuesday, someone asked Lord Faustwa about the value of the ETA in relation to the legalization of bitcoin as a currency.

“September/October Bill goes to Parliament. Matt,” Lord Fusitwa replied. “[It gets] Sent to the Palace Office to present it to His Majesty for Royal Assent. Month – His Majesty, as advised by the Privy Council, approved Peel. 2-3 weeks newspaper by the government that the date of activation has been determined.

Lord Fausitwa added:

On the date of activation [bitcoin] become a legal tender.

Former Lawmaker Claiming to Submit Bitcoin Bill in Fall, Lord Fausitwa Discussed Benefits of Tonga’s Adoption of Bitcoin Last Year

After Lord Fusitwa tweeted the five point plan, someone Requested Whether “the bill has already been passed, is it still with Parliament and ‘passed’ is the goal or not?” Lord Fusitwa replied To the question he said, “The bill will be presented to the House of Representatives in September/October. [Parliament] opens for [a] New session in June. June by law = the national budget. By law, department visits the month of July. By Act of August – Government Legislative Package of the Year. By law, the September/October bills of MPs may be tabled.”

This is not the first time that Lord Fositwa has hinted that Tonga is legalizing bitcoin as a bidding currency in the country. On July 5, 2021, in the podcast What Bitcoin Did Episode 368, the former member of the Parliament of Tonga explained how the adoption of Bitcoin would be beneficial to Tonga.

“The economy will benefit first from every customer who has an increase in disposable income of 30% and because our country imposes a 15% value-added tax, everyone puts an additional 30% in the 15% value-added tax, because they get an additional 30%,” said Lord Fausitwa in Offer “available income only from bars”.

Lord Fausitwa explained in the podcast:

In conjunction with that extra 30%, there are some that will save rather than put it in the economy and hoard it that will rise in value. For the first time, someone who is a village fisherman, who has had his hand to his mouth all his life, has a glimpse of the possibility of savings that may be the basis of financial freedom.

As of now, it is uncertain whether the active parliamentarians of Tonga and the people of Tonga are 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 to the government’s decision. Since then, President Najib Bukele and the Salvadoran government have added bitcoin to the treasury and a volcanic-powered bitcoin mining farm has been introduced.

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What do you think of the former member of the Parliament of Tonga’s hint about the country’s adoption of bitcoin as legal tender? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based 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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