Pacific island nation Tonga emerges with discussions on Bitcoin fiat currency

Will Domino adopting Bitcoin continue? Even in Tonga, an island nation in the Pacific Ocean, there is a debate about making Bitcoin (BTC) a legal tender like El Salvador.

Sir Fushitua, a Tongan politicianOn twitter, Showed plans to advance the fiat currency of Bitcoin. Sir Fushitua shows on Twitter five steps leading up to Bitcoin fiat currency. If Tonga follows El Salvador, more than 100,000 people in Tonga will join the Bitcoin network.

1. Sept/Oct Bill goes to Parliament. Passed.
2. Sent to Palace Office for submission to His Majesty for Royal Assent.
3.4. 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

Follow-up commentsAccording to the report, it was promoted with El Salvador as a model, and “it is almost the same as the bill of El Salvador.”

According to the steps shown by Sir Fushitua, if the bill is submitted to the parliament in September-October this year and the steps go smoothly, the legal tenderization of BTC will be realized in November-December this year.

Following the plan to make Bitcoin legal tender in Tonga, questions and joyful voices from the Bitcoin community were exchanged on Twitter.

In an exchange on Twitter, Sir Fushitua predicts that if BTC is adopted as legal tender, it will significantly reduce remittance costs and increase the disposable income of the Tongan people by 30%.

Solving the remittance problem is the legal tenderization of BTC in El Salvador.One of the driving factorsMet. Tonga relies heavily on remittances from Australia, New Zealand and the United States.In fact, the International Finance Corporation (IFC) says that Tonga’s remittance income accounts for the highest proportion of the world’s income, up to 30% of household income.Estimating。