The Kingdom of Tonga may adopt bitcoin as legal tender, according to a former member of Tonga’s parliament, Lord Fusitu’a.
to the question and said: “The Bill will be submitted to the House in Sept/Oct. [Parliament] opens for [a] new session in June. June by law=National Budget. By Law, July Constituency visits. By Law August – Govts Legislative package for the year. By law, Sept/Oct Private MPs Bills may be tabled.”
It’s not the first time Lord Fusitu’a has hinted about Tonga legalizing bitcoin as tender in the country. On July 5, 2021, on the podcast, the former member of Tonga’s parliament explained how bitcoin adoption would be beneficial to Tonga. “The economy will first benefit by every customer having a disposable income increased by 30% and because our country imposes a 15% VAT, every person is putting an extra 30% into that 15% VAT, because they’ve got an extra 30% disposable income just from the rails,” Lord Fusitu’a said on the show.Simultaneously with that extra 30%, there’s some are going to be saving it rather than putting it into the economy and stacking sats which will appreciate.
As of now, it is uncertain whether or not Tonga’s active parliamentary members and the Tongan people will be willing to adopt bitcoin as legal tender. While El Salvador passed the bitcoin law, which was
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