Introducing Tonga: The Next Country To Adopt Bitcoin As Legal Tender?
Tonga Bitcoin

Introducing Tonga: The Next Country To Adopt Bitcoin As Legal Tender?

By LocoSocioCrypto | LocoSocioCrypto | 13 Jan 2022


Recent tweets from Lord Fusituʻa, a former member of parliament in Tonga, appear to show that Tonga could be the next country to adopt Bitcoin as legal tender, following El Salvador.

It's important to note that no official decision has yet been made and that Lord Fusitu'a is not currently a sitting member of parliament. However, he is a hereditary noble in Tonga, and carries a strong voice due in part to his political career and grassroots campaigns as well.

Let's take a deeper look into Tonga, and how it could end up being the next country to make Bitcoin its legal tender.

Fun Facts:

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Capital: Nuku'Alofa

Population: 104,494

  • Tonga is a Polynesian nation which lies to the east of Australia and to the north of New Zealand in the South Pacific Ocean. It's a tropical country consisting of 169 islands, 36 of which are inhabited
  • Tonga has never been colonized and was the major sea-faring South Pacific nation prior to European contact
  • It's illegal to do business, exercise/play sports, or do chores on Sundays
  • Tonga has more Mormons per capita than any country in the world, with over 60% of the population being adherents

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How Did We Get Here?

Mataʻiʻulua ʻi Fonuamotu, Lord Fusituʻa (@LordFusitua on Twitter) is a former member of parliament in Tonga who recently sent a variety of tweets regarding Tonga adopting Bitcoin as legal tender. The main piece outlined the plan which Tonga would follow, should this become reality.

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It would seem that Step 1 has already been accomplished, and we are now at the point where we are awaiting His Majesty's Royal Assent. 

Why Does Tonga Want This?

One of the major reasons that Lord Fusitu'a is pushing for Bitcoin as legal tender is its use case for remittances. It's estimated that Tongans receive the most income from remittances compared to any other country in the world. El Salvador also used this as a prime reason for adopting Bitcoin as legal tender as well. However, it would seem that remittances are not the only transactions Lord Fusitu'a envisions assisting the people of Tonga.

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Indeed, Lord Fusitu'a also envisions Bitcoin being used as the primary means of exchange across all levels of the economy. This idea sounds great in theory, but  it remains to be seen whether Tonga's technological capabilities are up to the challenge of connecting all people in a nation made up of over 35 inhabited islands. Let's hope so!

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LocoSocioCrypto
LocoSocioCrypto

I am interested in the inter-connection between cryptocurrencies, society, and psychology.


LocoSocioCrypto
LocoSocioCrypto

Examining the inter-connection between cryptocurrency, society and psychology.

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