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As many crypto enthusiasts have predicted that several countries will follow in El Salvador’s footsteps by adopting Bitcoin as legal tender, there are indications Tonga could be next as one of the country’s politicians is drafting a bill to this effect.
Tonga to receive Bitcoin bill in 2022
The politician in question is MP Lord Fusitu’a who revealed in an interview with Financial Review that he is working on a similar Bitcoin bill that would be presented to the Tonga Parliament by May 2022.
According to him, this would allow the country of Oceania to harness the potential of Bitcoin as legal tender, which would coexist with the country’s national fiat currency, Tongan Pa’anga.
MP Fusitu’a is the Lord Member of Parliament of the Niuas Legislative Assembly of the Kingdom of Tonga. He had previously expressed how fascinated he was with the dynamics of Bitcoin earlier this year. However, at the time, his interest was limited to investing in the king of crypto.
While the bill is expected to have considerable support from the country’s central bank and other politicians, Lord Fusitu’a is confident that the bill could see the light of day given its relative success in El Salvador.
Bitcoin and emerging markets
Most of the countries that have expressed interest in a Bitcoin bill could qualify as an emerging market, some of these countries include Panama, Colombia, Mexico, Tonga, and many more.
By the President of El Salvador, Nayib Bukele, when asked why the country is making Bitcoin legal tender, he believed the adoption would help boost the country’s economy and at the same time, make it attractive to crypto entrepreneurs.
An interesting fact to note is that one of our previous reports showed that the adoption of crypto is widespread in emerging countries like Nigeria, Kenya and others. According to the report, the reasons for the growth in these countries relate to such things as the preservation of savings resulting from currency devaluation, transfer and receipt of funds and other business transactions.
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