Another domino is about to fall on the road to Bitcoinization. On Wednesday, a former legislator from the Pacific island nation Tonga shared a gambling approach to the adoption of Bitcoin (BTC) as tender currency. legal.
In a series of tweets, Lord Fusitu’a, former Tonga Member of Parliament, unveiled an ETA for Bitcoin to become legal tender in Tonga. Copying the El Salvador playbook, the move could incorporate more than 100,000 Tongans into the Bitcoin network.
In his five-point plan, the president of the World Organization of Parliamentarians against Corruption describes the path of adoption:
one. Sept/Oct Bill goes to Parliament. Passed.
2. Sent to Palace Office for submission to His Majesty for Royal Assent.
3.4. 2-3 Weeks Gazetted by Govt activation date set.
4. On activation date #BTC becomes legal tender. https://t.co/TNjQjeEbjN — Lord Fusitu’a (@LordFusitua) January 12, 2022
one. September/October The bill goes to Parliament. Approved.
2. 3.3. It is sent to the Palace Office for presentation to Her Majesty for Royal Assent.
3.4. 2-3 Weeks of Government Gazette with the activation date set.
4. On the activation date, BTC becomes legal tender.
In a later comment, Fusitu’a said that the bill is “modeled and is almost identical to that of El Salvador”.
The announcement sowed the seed of questions, predictions and the absolute joy of the Bitcoin community on Twitter before the Tongan cleared things up. He enthusiastically responded that the deadline for BTC to become legal tender could happen as soon as November or December of this year, responding: “Boom! That’s right, bro!” in a tweet.
In 2021, it was widely speculated that Tonga would become one of the next countries to adopt BTC as legal tender. Speculation reached its peak after a podcast that Lord Fusitu ‘a started with the Bitcoiner from Bedford Peter McCormack.
During the conversation, the then member of parliament shared the case of remittances to adopt BTC as legal tender. He said that the adoption would cause:
“An increase in disposable income of 30%. With that extra 30%, some (people) are going to save it instead of putting it in the economy and accumulating saturation.”
Tonga is a remote island nation that depends of remittances from countries such as Australia, New Zealand and the United States. The International Finance Corporation estimates that Tonga receives more income from remittances than any other country in the world, contributing up to 30% of household income.
Furthermore, although Tonga’s population is only in the six figures, the Tongan diaspora is huge. The International Organization for Migration calculates that the Tongan population living abroad is 126,000 people, of which 18,000 are in Australia.
The use of remittances was one of the main reasons for El Salvador to adopt BTC as legal tender . According to him World Bank, Tonga’s percentage of remittances over gross domestic product is substantially greater than that of El Salvador, with 39% versus 24%, respectively.
Leaving Remittances aside, the man brought up the domestic advantages of adopting the open source protocol. He agreed
that Tonga could create a circular BTC economy and that it is “one of the few cases where being an archipelago of a sparsely populated small island kingdom is an advantage”.
When the internet infrastructure of the islands was questioned, Tongans stated that internet and smartphone penetration rates exceeded 90%. The numbers most recent from the World Bank -although from five years ago, in 2017- show that Tonga has an internet penetration of 50%.
Getting the islands on the grid may take some time, but Fusitu’a is adamant about the future of his country’s BTC:
An economy that uses bitcoin for payment at every stage of the supply chain. From the seed to the table. Pay for cassava roots and cattle in bitcoin from the farming supplier all the way to the waitress serving it to you at Kardo’s steak bar and every step in between in #BTC https://t.co/oR48NGzTGm—Lord Fusitu’a (@LordFusitua) January 13, 2022
An economy that uses bitcoin for payment at each stage of the supply chain. From seed to table. Pay for yucca roots and cattle in bitcoin from the farm vendor to the waitress who serves it to you at Kardo’s meat bar and every step in between in BTC
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