Lord Fusitu’a of Tonga is anticipating Bitcoin’s adoption in the country in the month of November 2022 under a ‘legal tender’ like that of El Salvador.
At the beginning of 2022, El Salvadoran President Nayib Bukele had remarked that Bitcoin will be receiving ‘legal tenders’ from two more states. It seems that his remark was not a ‘prediction’ and in fact, he was fully conscious of the fact. Tonga, which is a Polynesian kingdom spreading over more than a hundred and seventy islands, is next in line in adopting Bitcoin under the ‘legal tender.
On 12th January 2022, a former Parliamentarian of Tonga commented that Bitcoinization in the state can be anticipated in November this year. It was ex-Parliamentarian Lord Fusitu’a who talked about the estimated time of Bitcoinization in Tongo. Lord Fusitu’a was seen posting tweets discussing how Bitcoin will become the law of the land in Tongo.
Lord Fusitu’a is currently heading the Global Organization of Parliamentarians against Corruption as its Chairman. He tweeted firstly that a bill containing Bitcoin Legal Tender will be handed over to the Parliament by September or October 2022. From the Parliament, the proposal will then go directly to the country’s premier i.e. King ‘Aho’eitu Tupou for assent. The King’s office will then take at least a month in giving the assent. Once the assent is granted, then the legal tender will be published in the official gazette and will then become law by November 2022.
As regards to Tongan Bitcoin Legal Tender, Lord Fusitu’a said that it has been replicated from El Salvador. The tweet messages of Fusitu’a were then bombarded with thousands of questions. Most of the responses however appreciated the Tongan nation and Fusitu’a for bringing the news.
Even in 2021, it was expected by many that if any other country would be thinking to adopt Bitcoin as legal tender then it would be “Tonga”. But the country never officially announced anything suggesting the same. Now it has been official that Tonga is opting for Bitcoinization in the country which is likely to take place before the end of 2022.
Lord Fusitu’a is however optimistic that Bitcoinization will subsequently boost income by at least 30%.