According to Lord Fusitu’a, a former member of Tonga’s Parliament, who tweeted about a possible timeline for this event, the Kingdom of Tonga could adopt bitcoin as legal tender. Fusitu’a believes that by next fall, a bill will be passed by the Tongan Parliament and Bitcoin could be legal tender in the region by November.
Former MP of Tonga Lord Fusitu’a claims Bitcoin Bill could be passed 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 proponent and on 11 explained on Twitter that the government of the Kingdom of Tonga could make Bitcoin 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 recognized as legal tender in El Salvador.
Lord Fusitu’a, who was once a member of Tonga’s Parliament, claims the same will happen in Tonga. On Tuesday, a person asked Lord Fusitu’a what the ETA was in relation to the Polynesian country legalizing bitcoin as a form of payment.
“Sept/Oct Bill goes to Parliament. Passed”, Lord Fusitu’a answered. “[It gets] sent to the Palace Office for submission to His Majesty for Royal Assent. One month – HM as recommended by the Privy Council, Bill agrees. 2-3 week activation date set by Gazetted by Govt.”
Lord Fusitu’a added:
On Activation Date [bitcoin] becomes legal tender.
Former lawmaker claims bitcoin bill to be tabled in autumn, Lord Fusitu’a discussed the benefits of Tonga’s adoption of bitcoin last year
After Lord Fusitu’a tweeted the five point plan, a person asked whether “the law has already been passed or is still in Parliament and ‘passed’ is the goal?” Lord Fusitu’a answered to the question and said: “The bill will be presented to the House in September/October. [Parliament] opens for [a] new session in June. June by law = state budget. By law, constituency visits in July. By Law August – Government Legislative Package for the year. According to the law, private MPs can submit bills in September/October.”
It is not the first time that Lord Fusitu’a has indicated that Tonga will legalize bitcoin as a means of payment in the country. On July 5, 2021, the former Member of Parliament of Tonga explained on the podcast What Bitcoin Did, Episode 368 how the adoption of Bitcoin would be beneficial for Tonga.
“First of all, the economy will benefit from each customer having 30% more disposable income, and because our country charges 15% VAT, each person puts an extra 30% into that 15% VAT because they have an extra 30%. disposable income just from the rails,” Lord Fusitu’a said on the show.
In the podcast, Lord Fusitu’a further explained:
Along with that extra 30%, some will save it instead of putting it into the economy and stacking sats, which will appreciate. For the first time, someone who is a village fisherman and has lived his whole life from hand to mouth has a glimpse that he may have savings that could be the foundation for financial freedom.
It is currently uncertain whether Tonga MPs and the Tongan people will be willing to adopt Bitcoin as legal tender. While El Salvador passed the bitcoin law that went into effect on September 7, 2021, there was some opposition to the government’s decision. Since then, President Nayib Bukele and the Salvadoran government have added BTC to the treasury and launched a volcanic energy-powered bitcoin mining farm.
What do you think of the former Tonga MP hinting that the country will adopt bitcoin as legal tender? Let us know what you think about this topic in the comment section below.
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