The Kingdom of Tonga may adopt Bitcoin as legal tender, according to Lord Fusitu’a, a former member of the Tongan Parliament, who tweeted about a possible timeline for this event. Fusitu’a believes that by next fall, the Tongan parliament will pass a bill that could see bitcoin become legal tender in the region by November.
Former Tongan Parliament Member Lord Fusitu’a Claims Bitcoin Bill Can Be Passed To Legalize Crypto Assets
Lord Fusitu’a, Chairman of the Human Rights Committee of the Commonwealth Pacific Parliament of Tonga, a Bitcoin advocate, said on January 11 that he explain On Twitter, the government of the Kingdom of Tonga may adopt bitcoin as legal tender. The news comes after El Salvador pushes to create bitcoin (bitcoin) last year’s fiat currency.A few months ago, the law was codified by the Salvadoran Congress and bitcoin Considered legal tender in El Salvador.
Lord Fustua, who was a member of Tonga’s parliament, claims the same will happen in Tonga. On Tuesday, one person asked Lord Fusitu’a about the ETA’s view on the Polynesian nation’s legalization of Bitcoin as a tender.
“September/October Bill to Parliament. Passed,” Lord Faustua reply. “[It gets] Send it to the court for your Royal Assent. One month – HM agrees with Bill on the advice of the Privy Council. 2-3 weeks gazette set by government activation date. “
Lord Fusitu’a added:
on activation date [bitcoin] become legal tender.
Former lawmaker claims Bitcoin bill will be tabled in autumn, Lord Fusitu’a discusses benefits of Bitcoin adoption in Tonga last year
Lord Faustua’s five-point plan tweeted ask Is “the bill passed, or is it still in parliament and ‘passing’ is the goal?” Lord Fustoua reply Answer the question and say: “This bill will be brought to the House of Representatives in September/October. [Parliament] Open [a] New in June. June by law = State budget. By law, constituencies visit in July. August by Law – Government’s legislative package for the year. According to the law, the September/October Private MPs Bill may be submitted. “
This is not the first time Lord Fusitu’a has hinted that Tonga will legalize Bitcoin as a tender for the country. July 5, 2021 on the podcast What Bitcoin Did Episode 368, a former member of the Tongan Parliament explains how Bitcoin adoption will benefit Tonga.
“The economy will first benefit from a 30% increase in disposable income per customer as our country imposes a 15% VAT and everyone puts an extra 30% into the 15% VAT because they have an extra 30% comes from the railroad’s disposable income alone,” Lord Fustua said on the show.
In the podcast, Lord Furstua further explained:
At the same time, there is an extra 30% that some people will save instead of putting it into the economy and piling it up, which will appreciate in value. For the first time, a rural fisherman, someone who has been word of mouth all his life, saw for the first time that there might be savings that could be the foundation of financial freedom.
As of now, the willingness of Tongan’s active parliament members and Tongan people to adopt Bitcoin as legal tender is uncertain. While El Salvador passed a Bitcoin law, promulgate September 7, 2021, with some be opposed to towards government decision. Since then, President Nayib Bukele and the government of El Salvador have been increasing BTC storage and a bitcoin mining farm powered by volcanic energy was introduced.
What do you think of a former member of Tonga’s parliament suggesting that the country adopts Bitcoin as legal tender? Let us know what you think about this topic in the comments section below.
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