CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,811.00
  • ethereum
    ETH$1,641.71
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Tonga Could Adopt Bitcoin (BTC) as Legal Tender By November, Says Former MP

    Tonga Could Adopt Bitcoin (BTC) as Legal Tender By November, Says Former MP

    Author: Chayanika Deka

    Last Updated Jan 13, 2022 @ 14:56

    For better or for worse, several countries have been contemplating the adoption of Bitcoin as a legal tender. Tonga is the latest country to throw its hat in the ring.

    Former member of parliament of Tonga, Lord Fusitu’a, revealed that the country’s legal tender bill for Bitcoin is “modeled on” and is “almost identical” to that of El Salvador.

    Bitcoin and Tonga

    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.

    1. Sept/Oct Bill goes to Parliament. Passed.
    2. Sent to Palace Office for submission to His Majesty for Royal Assent.
    3.<A month – HM as advised by Privy Council assents to Bill.
    4. 2-3 Weeks Gazetted by Govt activation date set.
    4. On activation date #BTC becomes legal tender. https://t.co/TNjQjeEbjN

    — Lord Fusitu’a (@LordFusitua) January 12, 2022

    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.

    He has been very vocal about the industry and has, time and again, asserted that the country can become more “competitive and wealthy” if it embraces the cryptocurrency. His focus has been on the remittance advantages that Bitcoin offers, which can potentially benefit the citizens regarding long-term saving.

    ADVERTISEMENT

    While replying to a follow-up question on how a circular economy involving Bitcoin will be helpful, the former MP stated,

    “An economy that uses bitcoin for payment at every stage of the supply chain. From the seed to the table. Pay for cassava roots and cattle in bitcoin from the farming supplier all the way to the waitress serving it to you at Kardo’s steak bar and every step in between in BTC.”

    Many economists and world leaders have expressed their concern over countries following El Salvador’s suit. For countries such as Tonga, there are inflationary pressures at play to consider such a move as well.

    El Salvador’s Bitcoin Portfolio

    The young, maverick El Salvadorean President, Nayib Bukele made history last year after pushing Bitcoin as legal tender. However, his actions have failed to charm some experts who believe he may have cost the country $10 million amid the crypto market rout.

    CryptoPotato recently reported that Bitcoin plummeted below $41,000 for the first time since September 2021. Interestingly, this was the same month when El Salvador went on an aggressive buying spree of the asset. Over the past year, El Salvador spent around $71 million at an average purchase price of $51,056 per BTC. Supposing the government has not sold its crypto holdings, the portfolio is down by 12% approximately.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • ElSalvador
      El Salvadorans Are Converting Their USD to BTC as Interest in Bitcoin Soars
    • NayibBukele
      2 More Countries Will Adopt Bitcoin in 2022, Says Nayib Bukele
    • ElSalvador
      El Salvador's Government Prepares Laws Covering Bitcoin Bonds
    Tags: Bitcoin Adoption El Salvador
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Chayanika Deka
    More posts by this author

    Chayanika has been working as a financial journalist for three years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact:Linkedin

  • bitcoin
    BTC$22,811.00
  • ethereum
    ETH$1,641.71
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!