The Kingdom of Tonga may adopt bitcoin as legal tender, according to a former member of Tonga’s parliament, Lord Fusitu’a, who tweeted about a possible timeline for this event to take place. Fusitu’a believes that next autumn the Tongan parliament will pass a bill and Bitcoin could be legal tender in the region in November.
Former Tongan MP Lord Fusitu’a Claims Bitcoin Bill Could Pass to Make Cryptocurrency Assets Legal
Tonga President of the Commonwealth Pacific Human Rights Parliamentary Group Lord Fusitu’a is a supporter of bitcoin and on January 11 he explained on Twitter that the government of the Kingdom of Tonga could adopt bitcoin as legal tender. The news follows El Salvador’s effort to make Bitcoin (BTC) legal tender last year. A few months ago, the law was codified by the Salvadoran congress and BTC was considered legal tender in El Salvador.
Lord Fusitu’a, who was once a member of parliament in Tonga, says the same thing will happen in Tonga. On Tuesday, Lord Fusitu’a was asked by an individual what ETA was about the Polynesian country that legalized bitcoin as a payment currency.
“September/October The bill goes to Parliament. Approved,” replied Lord Fusitu’a. “[He] is sent to the Palace Office for presentation to Her Majesty for royal approval. One month: HM, advised by the Privy Council, approves the project. 2-3 Weeks Gazted by Govt activation date set”.
Lord Fusitu’a added:
On activation date [bitcoin] becomes legal tender.
Former lawmaker claims Bitcoin Bill will be introduced in autumn, Lord Fusitu’a discussed benefits of Tonga adopting Bitcoin last year
After Lord Fusitu’a tweeted the five-point plan, one person asked if “has the bill passed or is it still in Parliament and the aim is to ‘pass’?” Lord Fusitu’a responded to the question, saying: “The bill will go to the House in September/October. [Parliament] opens for [a] new session in June. June by law = National Budget. By law, July Visits to constituencies By law August: government legislative package for the year By law, bills for private deputies from September/October can be presented”.
This is not the first time that Lord Fusitu’a has hinted that Tonga has legalized bitcoin as a payment currency in the country. On July 5, 2021, on episode 368 of the What Bitcoin Did podcast, the former Tongan MP explained how the adoption of bitcoin would be beneficial for Tonga.
“The economy will benefit first if every customer has 30% increase in disposable income and because our country imposes 15% VAT, every person is putting 30% more on that 15% VAT because they have 30% disposable income extra just off the rails,” Lord Fusitu’a said on the show.
On the podcast, Lord Fusitu’a further explained:
Simultaneously with that extra 30%, some will save it rather than put it into the economy and accumulate sats they will enjoy. For the first time, someone who is a small-town fisherman and has lived his entire life on money has a glimpse of the possibility of having a savings account that can be the foundation of financial freedom.