Tonga May Be The Next Nation To Adopt Bitcoin! Madness!

[virtualdn]

This is getting serious, Europe and USA are left behind!  

https://twitter.com/DocumentingBTC/status/1402655617462980613

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[SAHASAN]

Wheals are now pumping btc everywhere good news are coming. I think bear is tired now bull start the next really.

[avikz]

This is getting serious, Europe and USA are left behind!  

https://twitter.com/DocumentingBTC/status/1402655617462980613

Tonga is officially known as Kingdom of Tonga. So it is a monarchy. That means, one person rules this archipelago of one hundred thousand inhabitants. So it is comparatively easier for such countries to adopt cryptocurrencies. Because such decisions don't need to be passed through parliament. So I don't think such kind of adoption will step up the bitcoin mass adoption. It's just some liquidity flowing into the market without much impact.

But at least one more name will be added to list of crypto friendly nations.

[franky1]

'adopting bitcoin'
vs
'allowing bitcoin as a remittance vehicle'

are two different things
if its just used for remittance. then most people dont care if its a western union database or bitcoin. all they see is fiat at both ends.

true adoption is the ability to buy produce/pay bills using a different currency

[zanezane]

These countries aren't that big in the global economic scene so I can see why they want to adopt bitcoin and I can also understand why US and EU don't want to dip their toes yet, they want to see how far and where can all this go.

[pinoycash]

These countries aren't that big in the global economic scene so I can see why they want to adopt bitcoin and I can also understand why US and EU don't want to dip their toes yet, they want to see how far and where can all this go.

Its one step, Being recognize as a legal tender even for a small country is a big thing for bitcoin. But until we see bitcoin being used as way to pay for goods and services in real life scenario, its still way far behind towards adoption.

[kryptqnick]

Talks about buying BTC and adopting Bitcoin as legal tender on the level of national legislation are two very different events. That being said, I hope that interest to Bitcoin indeed rises in the eyes of the governments of various countries.
Regarding the US and EU comment, I believe that cryptos are already legal there, but they are treated as property or something similar and are thus subject to taxation.
Then again, it's no wonder that developing countries are more motivated to introduce favorable crypto regulations since they want to boost their economies somehow. As for developed countries, they already have strong economies and are thus assessing the potential risks  and benefits when choosing their approach to the crypto industry.

[terrorJR]

I agree that Tonga will eventually adopt Bitcoin as a legal tender. why not? they are quite easy to control where the population is not as much as other countries. they could enforce the rules if the government was not in big debt to the central bank. Moreover, there is a crypto community there, it will clearly simplify policy.

[michellee]

If a small country can take their place to adopt and use bitcoin and it can grow, that will attract the attention from the other country, especially for a big country. Then, the big country will consider accepting and adopt bitcoin too before it is too late. Once that can happen, bitcoin will not stop growing, and more people will follow to use bitcoin. But maybe we should give bitcoin more time and wait for that because it is not easy for the government allows their people to use bitcoin.

[joniboini]

Not really sure about the left behind part. It's not like other countries never use bitcoin. In fact, the market is probably more mature and the infrastructure to support the network is far greater than those small countries. Well, it's good news if more and more people use and adopt crypto/bitcoin anyway.

[jossiel]

As long as these countries allow bitcoin on their country, that's already a good news.

This is the kind of news that we want to have instead of those countries banning bitcoin/cryptocurrencies as a whole. But this is a different news, the country of Tonga will buy bitcoin with their reserves? just wow!

[UKprod]

I believe that underdeveloped nations should actually adopt Bitcoin and blockchain technology in masses. This will provide the citizens of these nations to also earn at the same level as that of developed nations in certain activities while having lower expenses in their home countries. This will help these people to generate wealth and expenses on education, infrastructure development and other necessities.

Also, on a separate note, most of the colonists in the last century should take up the responsibility to restore and create resources for their respective colonies that they looted during the colonial era.

[Reosta_]

It seems like we will continue to see some underdeveloped countries adopting Bitcoin. Countries like these started seeing Bitcoin as a way out as their economy is in a bad condition. I hope that they can reach their goals.

[remotemass]

Would be nice but notice that Tonga has a population of 100k. Now, compare that with El Salvador with a population of 6 million... 60 times more population.

[Renampun]

It seems like we will continue to see some underdeveloped countries adopting Bitcoin. Countries like these started seeing Bitcoin as a way out as their economy is in a bad condition. I hope that they can reach their goals.

there is big money behind Bitcoin and there is freedom there too...

Small countries are trying to steal the world's attention right now, their country will definitely skyrocket, their goal in choosing Bitcoin is definitely not only to improve their country's economy but also to promote their country to the world. good move for tonga.

[Lucius]

Would be nice but notice that Tonga has a population of 100k. Now, compare that with El Salvador with a population of 6 million... 60 times more population.

Does it even matter how many people they have, if they are countries that most people don't even know how to find on a world map? It's a drop of water in the ocean, no matter how important it is - although you could say that every journey starts with the smallest step.

What many forget is that any decision can be revoked, and El Salvador has already found itself under pressure from financial vultures who will do everything possible to make this experiment of theirs fail. The only question is how much they want it and how much influence they have on the president - that is, do they know some dirty secret they can blackmail him with - or will the US send its democracy promoters (special forces) to knock on his door in the middle of the night.

[Yaunfitda]

If a small country can take their place to adopt and use bitcoin and it can grow, that will attract the attention from the other country, especially for a big country. Then, the big country will consider accepting and adopt bitcoin too before it is too late. Once that can happen, bitcoin will not stop growing, and more people will follow to use bitcoin. But maybe we should give bitcoin more time and wait for that because it is not easy for the government allows their people to use bitcoin.

Not so fast though, on the contrary, it should be the other way around. If big nations are going to support bitcoin, then we might see it grow and adoption around the corner. But if it just a small country like Tonga, I doubt that it will attract, except many if Tonga chooses to be like a digital hub then maybe it has a change to be recognized and followed by other nation, specially neighboring countries.

[cheezcarls]

While this good news is welcoming to all, it seems that only Bitcoin has been gaining a bit while the altcoins are on a free fall (recently BTC falls as well to $35k). I believe this will be just a short term downfall because of the weekend sale, so whether if it’s gonna be promising or not, there’s a good chance that the price may go up again a bit within the consolidation range.

[Darkelf11]

This is getting serious, Europe and USA are left behind!  

https://twitter.com/DocumentingBTC/status/1402655617462980613

I think Tonga's intention was to try different things and see the potential carried by bitcoin.  Tonga's Government allows it and make it legal since they see a lot of benefits from it, that can help to establish and develop more their country. They are brave enough to face the consequence of bitcoin, the Volatility in price and the external factors that can change it s value. it was a a big step for their country to accept bitcoin at the first place.

[Fatunad]

This is getting serious, Europe and USA are left behind!  

https://twitter.com/DocumentingBTC/status/1402655617462980613

I think Tonga's intention was to try different things and see the potential carried by bitcoin.  Tonga's Government allows it and make it legal since they see a lot of benefits from it, that can help to establish and develop more their country. They are brave enough to face the consequence of bitcoin, the Volatility in price and the external factors that can change it s value. it was a a big step for their country to accept bitcoin at the first place.

They are much aware on what are the risk and there were lots of discussions happened before they do end up this kind of decision which is really very unusual for a country to do so knowing that Crypto or simple Bitcoin is something that cant really be just easily adoption fully because of some properties or characteristics of it
but they did really took out that risk and make out some considerations instead and they are trying  out despite out of those criticisms got by bitcoin.
Any news of adoption is always be a good news and we would be seeing similar news as we go ahead.