Bitcoin wants to make the Tongaian parliamentary member legal means of payment
Bitcoin wants to make the Tongaian parliamentary member legal means of payment
Lord Fusitu - a Tongaian lawyer, landowner and MP - is a glowing supporter to make Bitcoin a real currency within the national borders. He plans to submit a draft law to make Bitcoin a legal means of payment in addition to Tonga's national currency, the Pa’anga
Why do Bitcoin make legal means of payment in Tonga?
Tonga is a small island state and archipelago east of Australia. How
"Tonga is the land of the earth that depends most of the transfers. Between 38 % and 41.1 % of our GDP, depending on which numbers you use the World Bank are transfers." According to the MP, Western Union takes “30 percent” from the transfers sent back into the country. This is similar to the emergency of El Salvador, where he says that Western Union's fees are "closer to 50%". Also El Salvador was the first country to produce Bitcoin Legal payment method last month. by strike, the citizens of the country can use the Bitcoin flash network to make a practically free transfer payments to each other. Therefore, the widespread use of the app could be an incredible blessing for Tonga's economic growth. In addition, Strike may not have to obtain approval of the parliament or the central bank of Tonga, as it is a complete commercial solution. Jack Mallers, founder of Zap Solutions, is a sharp critic of Western Union and considers his wallet to be a superior alternative that now exists from Twitter to use Bitcoin tips via the social media platform for enable. In addition to transfers, Fusitu also believes that Tonga can benefit from the core properties of Bitcoin as money. "Bitcoin is the first really global native open currency system. Blockchain is the optimal storage medium for money if your goal is decentralization and full, egalitarian democratization of money." As for his draft law, Fusitu can only present him at the next opening of the parliament in Tonga in 2022. However, the MP remains confident that he can overcome the political resistance against his proposal. In fact, he may have a long way to go before this draft law is passed. Sione Ngongo Kioa, governor of the Reserve Bank of Tonga, is not exactly open to this. "The introduction of Bitcoin as an official alternative currency is definitely unlikely," he said recently. . will Tonga make legal means of payment next?
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