- The House of Representatives will get the bill by September or October.
- Considering long-term savings, the concern is Bitcoin’s benefits in remittances.
Former Tonga MP Lord Fusitu’a has stated that the country’s legal tender law for Bitcoin is “modeled on” and “almost identical” to El Salvador, which has enacted a similar measure.
Lord Fusitu’a’s new tweets suggest that Tonga may soon accept Bitcoin as a legitimate form of currency. As per the tweets, The House of Representatives will get the bill in question by September or October. By November, the former Member of Parliament predicted that the nation might begin using the cryptocurrency.
Collaboration With El Salvador’s Bitcoin Architect
In order to establish the legal basis for Bitcoin to Tonga, Tongan royalty Lord Fusitu’a was said to be collaborating with El Salvador’s Bitcoin architect Jack Mallers, CEO of Strike. The former MP has been quite outspoken in his business support and has often said that the nation may become more “competitive and wealthy” if it accepts the currency. Considering long-term savings, his main concern is Bitcoin’s benefits in remittances.
The approach is based on El Salvador’s strategy and potentially getting 100,000 Tongans on board the Bitcoin network. The Global Organization of Parliamentarians Against Corruption chairman has laid forth a five-step plan for implementation.
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
Last year, Nayib Bukele, El Salvador’s maverick president, made history when he pushed for Bitcoin as legal cash. Amid the crypto market meltdown, several experts are not impressed with his conduct and feel he may have lost the government $10 million.
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Twitter was ablaze with questions, predictions, and downright joy following the news. According to him, BTC becoming legal tender might happen as early as November or December this year.