Will the Polynesian Kingdom of Tonga make bitcoin a legitimate and authorized currency by the close of 2021? Lord Fusitu’a declared that it was certainly possible. This South Pacific isle may launch cryptocurrency as an accepted form of payment in Q2 2023, while they could start harnessing geothermal energy for crypto mining sometime during Q3 this year!
This Bitcoin Regulation In The Kingdom Of Tonga Has Been On The Table Since 2021
As the only constitutional monarchy in its region, the Kingdom of Tonga is a Pacific nation with more than 169 idyllic islands, 36 of which are inhabited. To bolster their economy and enhance financial freedom for citizens, Lord Fusitu’a – formerly a member of parliament- aims to legalize bitcoin as a legal tender by introducing a bill into the Kingdom’s legislature. Collaborating with members from his own faction since 2021, he has worked hard towards achieving this goal that could potentially revolutionize finance on the islands.
Despite opposition from Governor Sione Ngongo Kioa of the National Reserve Bank of Tonga, who deems this initiative improbable, Lord Fusitu’a remains optimistic. He supports his bill proposing legalizing and adopting Bitcoin as Tonga’s official currency.
The New Plan is Highly Detailed and Inclusive
The previous Member of Parliament laid out a four-step approach to revolutionize the daily life and economy in the Kingdom of Tonga. Taking ideas from El Salvador’s bitcoin legalization, this plan includes educating locals on Bitcoin payments, making them an official means of payment, establishing mining networks in the nation, and eventually producing national crypto treasuries.
On the night of June 9, 2021, Salvadoran President Nayib Bukele announced their intention to invest in crypto mining utilizing geothermal energy from its volcanoes. Lord Fusitu’a’s project plans to do the same. This will be a major benefit for crypto mining plants that are seeking more sustainable methods of operation; with 21 active volcanoes and only 5,000 inhabitants on this island nation – it makes perfect sense!
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