Tonga became the latest to talk about to follow the El Salvador’s Bitcoin law to make the use of Bitcoin at its best like El Salvador citizens.
As we know in the mid of 2021, El Salvador’s president Nayib Bukele proposed Bitcoin law to make Bitcoin as a legal tender for El Salvador’s citizens and also the law successfully passed amid huge criticism by many other countries and organisations. But there were many Bitcoin believers in the world, who supported and appreciated the decision of Nayib Bukele to adopt bitcoin as legal tender. After that many countries’ authorities decided to take better action to adopt bitcoin e.g Ukraine.
In the latest, Tonga seems eager to follow El Salvador. Since here everything is not 100% clear whether they will get success or not but there is a very big indication that they will adopt bitcoin to make use at its best.
In an interview with Financial review, Tongan MP Lord Fusitu, talked about his plan. Fusitu said that El Salvador’s did a nice job and they will also prepare a draft bill for the adoption of Bitcoin like El Salvador. And the draft bill will be presented by then in May 2022 national parliament’s session.
Fusitu said that, their citizens will get advantage to adopt Bitcoin as a legal tender alongside the use of the country’s official currency, the “Tongan Pa’anga”.
Fusitu also knows very well how much struggle he needed to do because from drafting the bill and passing it in the parliament session, big support needed by the other politicians. Which is not going to be very easy and also Fusitu needed to face high criticism like Nayib Bukele faced for El Salvador’ Bitcoin Law.
Right now, a big advantage that Tonga can take is incoming remittances by other countries. While Tonga is not a very big region, it will still make a significant contribution to adopt this decentralized world of Bitcoin.