Like many crypto enthusiasts who have predicted that many countries will follow in El Salvador’s lead in adopting bitcoin as legal tender, there are indications that Tonga may be next, as one of the country’s politicians is busy drafting a bill in that direction.
Tonga will get a bitcoin bill in 2022
The politician in question is Lord Fossitwa, who was revealed in to interview With financial review He is working on a similar Bitcoin bill that will be submitted to the Parliament of Tonga by May 2022.
According to him, this would make the Oceania country benefit from the potential of Bitcoin as a legal currency, which would coexist with the country’s official national currency, the Tonga Panga.
Representative Fositwa is a member of the House of Representatives in the Niwas Legislative Assembly of the Kingdom of Tonga. He previously expressed his admiration for the dynamics of Bitcoin earlier this year. However, at the time, his interest was limited to investing in the cryptocurrency king.
While the bill needs significant support from the country’s central bank and other politicians, Lord Fossetoa is confident that the bill could see the light of day today given its relative success in El Salvador.
Bitcoin and Emerging Markets
Most of the countries that have shown interest in the Bitcoin bill can be described as an emerging market, and some of these countries include Panama, Colombia, Mexico, Tonga, and a host of others.
When asked the president of Per El Salvador, Nayib Bukele, why the country should make Bitcoin legal tender, he was of the opinion that adoption would help boost the country’s economy while at the same time making it attractive to crypto entrepreneurs.
An interesting fact to note that the precedent Report Among us, cryptocurrency adoption has been widespread in emerging countries such as Nigeria, Kenya, and others. According to the report, the reasons for growth in these countries are related to things like “maintaining savings from devaluation, transferring and receiving remittances, and other business transactions.”
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