Lord Fusitu’a, a previous Tonga parliament member, disclosed that the nation’s legal currency law for Bitcoin is “modelled on” and “nearly similar” to that of El Salvador.
Tonga meets Bitcoin
Among the most recent tweets, Lord Fusitu’a has intimated that Bitcoin may soon become legal cash in the Pacific island country of Tonga. According to the previous MP, the UK might adopt cryptocurrencies by November of this year. The bill in dispute would be introduced in the House between September and October.
Tonga’s Lord Fusitu’a was apparently collaborating with Jack Mallers, the CEO of Strike as well as architect of El Salvador’s Bitcoin initiative, to introduce the BTC legislative structure to Tonga.
He has been quite outspoken about the business, claiming over and over that embracing cryptocurrencies will make the nation increasingly “tough as well as prosperous.” His emphasis has been on the repatriation benefits that Bitcoin provides, which might possibly help individuals in terms of long-term savings.
Numerous economists and international leaders have voiced fear that other nations would imitate El Salvador’s path. Inflationary forces are also at work in nations like Tonga, prompting them to explore such a step.
The year before, El Salvador’s Bitcoin Portfolio Nayib Bukele created history by promoting Bitcoin as legal money. His efforts, nevertheless, was unable to impress certain analysts, who think he might well have lost the government $10 million during the cryptocurrency market crash.
According to CryptoPotato, Bitcoin has fallen under $41,000 for the earliest time after September 2021. Surprisingly, this was the exact month where El Salvador embarked on a purchasing binge for the asset. El Salvador expended over $71 million in the last year, with an average purchasing price of $51,056 per BTC. Assuming the administration has not liquidated its cryptocurrency assets, the portfolio is fallen by about 12%.