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Bitcoin

The island nation of Tonga follows El Salvador in converting Bitcoin into a legal currency through a new bill

October 7, 2021 - Around 2 mins mins to read

Just as many crypto enthusiasts have predicted that several countries will follow in El Salvador’s footsteps in adopting Bitcoin as a legal currency, there are signs that Tonga could be next as one of the country’s politicians is busy making one Design bitcoin law.

Bitcoin bill for 2022

In a recent interview with the Financial Review, MP Lord Fusitu’a said Disclosure that he is drafting a BTC law that will be presented to the National Assembly of Tonga in May 2022.

The island nation of Tonga is making Bitcoin a legal currency

Lord Fusitu’a – Member of Parliament of the Kingdom of Tonga

According to Fusitu’a, this will unlock the potential of BTC as a legal currency for Tonga, which will coexist alongside the country’s national fiat currency, the Tongan Pa’anga.

Congressman Fusitu’a is the President of the Legislative Assembly of Niuas of the Kingdom of Tonga. He had previously stated that he was drawn to the momentum of BTC earlier this year. At that time, however, his interest was limited to investing in it.

Although the bill will require significant support from the central bank and other politicians, Lord Fusitu’a is confident that it can be passed, given its relative success in the country.

Bitcoin: Which countries could follow El Salvador in making cryptocurrency legal tender? | Euronews

Bitcoin and Emerging Markets

Emerging markets could be the next big frontier for crypto. A slew of politicians want to follow El Salvador and adopt bitcoin as legal tender. | Currency News | Financial and Business

Most of the countries that have shown interest in the Bitcoin bill can be considered emerging markets, some of these countries are Panama, Colombia, Mexico, Tonga and a few others.

When asked why El Salvador is making BTC legal tender, President Nayib Bukele said the introduction will help boost the country’s economy while also making it attractive to cryptocurrency entrepreneurs.

An interesting fact is that the adoption of cryptocurrencies has exploded in Nigeria, Kenya and several countries. The reason for the growth in cryptocurrency adoption in these countries has to do with things like “avoiding local currency devaluation, transferring and receiving transfers and other business transactions.”

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Teacher

According to Cryptoslate

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Bitcoin

The island nation of Tonga follows El Salvador in converting Bitcoin into a legal currency through a new bill

Just as many crypto enthusiasts have predicted that several countries will follow in El Salvador’s footsteps in adopting Bitcoin as a legal currency, there are signs that Tonga could be next as one of the country’s politicians is busy making one Design bitcoin law.

Bitcoin bill for 2022

In a recent interview with the Financial Review, MP Lord Fusitu’a said Disclosure that he is drafting a BTC law that will be presented to the National Assembly of Tonga in May 2022.

The island nation of Tonga is making Bitcoin a legal currency

Lord Fusitu’a – Member of Parliament of the Kingdom of Tonga

According to Fusitu’a, this will unlock the potential of BTC as a legal currency for Tonga, which will coexist alongside the country’s national fiat currency, the Tongan Pa’anga.

Congressman Fusitu’a is the President of the Legislative Assembly of Niuas of the Kingdom of Tonga. He had previously stated that he was drawn to the momentum of BTC earlier this year. At that time, however, his interest was limited to investing in it.

Although the bill will require significant support from the central bank and other politicians, Lord Fusitu’a is confident that it can be passed, given its relative success in the country.

Bitcoin: Which countries could follow El Salvador in making cryptocurrency legal tender? | Euronews

Bitcoin and Emerging Markets

Emerging markets could be the next big frontier for crypto. A slew of politicians want to follow El Salvador and adopt bitcoin as legal tender. | Currency News | Financial and Business

Most of the countries that have shown interest in the Bitcoin bill can be considered emerging markets, some of these countries are Panama, Colombia, Mexico, Tonga and a few others.

When asked why El Salvador is making BTC legal tender, President Nayib Bukele said the introduction will help boost the country’s economy while also making it attractive to cryptocurrency entrepreneurs.

An interesting fact is that the adoption of cryptocurrencies has exploded in Nigeria, Kenya and several countries. The reason for the growth in cryptocurrency adoption in these countries has to do with things like “avoiding local currency devaluation, transferring and receiving transfers and other business transactions.”

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Teacher

According to Cryptoslate

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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