Tonga will probably be the next country to make Bitcoin legal tender

[wxa7115]

I wouldn't be surprised if they'll legalize bitcoin.  A country that is not good economically has all the freedom to try to make to develop their country and they see that opportunity in crypto, it just has to be regulated so everything will be under control and us investors seeing countries adopting bitcoin as their legal tender would boost confidence in investing and holding it for long term.

Looking forward to further development and great news, I hope this will work out effectively.

Small countries have all the incentives to move forward with this, after all there are many countries that do not use their own currency and instead use a foreign one to conduct their economy, so they are not held back by any kind of desire to protect their own fiat currency as they do not have one.

So in those countries if they can find a reason to adopt bitcoin then they will do so, which is great as the more countries adopt bitcoin the more legitimacy will win in the eyes of the average person.

[nullama]

Lord Fusitu’a tweeted an estimated date when Tonga would theoretically make Bitcoin legal tender, if everything goes right:

https://twitter.com/LordFusitua/status/1481101011506774016

1. Sept/Oct Bill goes to Parliament. Passed.
2. Sent to Palace Office for submission to His Majesty for Royal Assent.
3.<A month - HM as advised by Privy Council assents to Bill.
4. 2-3 Weeks Gazetted by Govt activation date set.
4. On activation date #BTC becomes legal tender.

Basically he's estimating that Tonga will have Bitcoin as legal tender by the end of 2022, a few months later than originally expected.

[Sithara007]

Basically he's estimating that Tonga will have Bitcoin as legal tender by the end of 2022, a few months later than originally expected.

Too many clearances are needed and I expect further delays. I am residing in a third world country and I know a thing or two about bureaucracy and red tape in such countries. And I don't expect everything to go smoothly. In case of El Salvador, the president was able to efficiently deal with the threats and bullying from the external actors. But can a small island nation like Tonga behave in the same way? As far as I know, this nation is still heavily dependent on foreign grants and loans, for a large part of its GDP.

[goldkingcoiner]

Tonga does seem like a mentionworthy candidate for making Bitcoin legal tender but I have also heard more rumors from the southern Americas, especially Mexico. Whatever happened to that? For sure we had been hearing a great many rumors about mexico finally legalizing Bitcoin as legal tender?

Tonga with a population of around 105k won't really compare much to El Salvador with a population over 6 million. How many people in Tonga even have access to the internet and are interested in Bitcoin? I don't see a huge impact.

[nullama]

Tonga does seem like a mentionworthy candidate for making Bitcoin legal tender but I have also heard more rumors from the southern Americas, especially Mexico. Whatever happened to that? For sure we had been hearing a great many rumors about mexico finally legalizing Bitcoin as legal tender?

Tonga with a population of around 105k won't really compare much to El Salvador with a population over 6 million. How many people in Tonga even have access to the internet and are interested in Bitcoin? I don't see a huge impact.

Mexico doesn't seem to be anywhere near making Bitcoin legal tender:

In a press conference earlier today, Mexican President Andres Manuel Lopez Obrador ruled out the possibility of his country adopting Bitcoin as legal tender.

"We are not going to change in that aspect. We think that we must maintain orthodoxy in the management of finances [and] not try to innovate much in financial management," the president said in response to reporters’ questions about Bitcoin.

source: https://decrypt.co/83472/mexico-bitcoin-legal-tender-president

Tonga has an Internet penetration of about 41%, although it's also reported to have 72.5% of it's population in social media. Not very trustworthy number I reckon.

source: https://datareportal.com/reports/digital-2021-tonga

[Kakmakr]

Tonga does seem like a mentionworthy candidate for making Bitcoin legal tender but I have also heard more rumors from the southern Americas, especially Mexico. Whatever happened to that? For sure we had been hearing a great many rumors about mexico finally legalizing Bitcoin as legal tender?

Tonga with a population of around 105k won't really compare much to El Salvador with a population over 6 million. How many people in Tonga even have access to the internet and are interested in Bitcoin? I don't see a huge impact.

Mexico doesn't seem to be anywhere near making Bitcoin legal tender:

In a press conference earlier today, Mexican President Andres Manuel Lopez Obrador ruled out the possibility of his country adopting Bitcoin as legal tender.

"We are not going to change in that aspect. We think that we must maintain orthodoxy in the management of finances [and] not try to innovate much in financial management," the president said in response to reporters’ questions about Bitcoin.

source: https://decrypt.co/83472/mexico-bitcoin-legal-tender-president

Tonga has an Internet penetration of about 41%, although it's also reported to have 72.5% of it's population in social media. Not very trustworthy number I reckon.

source: https://datareportal.com/reports/digital-2021-tonga

Well, add to that the fact that Tonga only have a total population of about 105,697  people in (2020) ...so based on your active Social media statistics about 31 000 people will probably not use Bitcoin. 

If about 60% of the people does not have access to the internet, then the statistics are even worst... (About 42 000 people will have Internet and they will be able to use Bitcoin as legal tender)   

[Zilon]

Legal tender means people MUST pay with Bitcoin, and that I disagree.

No legal tender means people can pay with Bitcoin it's not a must it's only a reflection of general acceptance and since they still have other options such as fiat currency they can decide between the two on which currency to use.

I agree with a simple law that states people can freely use Bitcoin as cash or whatever means of payment. People should be free to use what currency they want to use or reject, but that's only exists in an imaginary country... Well, I'd like to see what the law really said before making further comment.

I think that would be the same case as Tonga after all El Salvador never made Bitcoin as their major currency it was only accepted as an alternative means of payment option. Bitcoin for now Is facing instability issues but many still prefer to earn in Bitcoin despite it's price fluctuation

[Sithara007]

I think that would be the same case as Tonga after all El Salvador never made Bitcoin as their major currency it was only accepted as an alternative means of payment option. Bitcoin for now Is facing instability issues but many still prefer to earn in Bitcoin despite it's price fluctuation

There is no doubt that Bitcoin is volatile. Even now, the prices can easily go up or down by 10% or more in a single day. But the problem is that people always compare the exchange rate of Bitcoin with that of fiat currencies such as the United States Dollar. The purchasing power of USD is going down with every passing day, but very few people realize it. And with inflation rate in the United States going above the 6% level, we can expect a faster erosion in the purchasing power within the next few years.

[nullama]

Here are some comments from Lord Fusitu'a. He thinks the Bitcoin bill has a 80% chance to pass:

[iv4n]

...

This is the best part:
"The WB IMF these ppl have not been so nice to us over the years so why should we worry about them"

Has the IMF ever been good for anyone other than being good for themselves? We have been talking about this for years, bank as a bank, all they think about is how to fill their pockets, and we little people who work earn less and less because of their games...

I am glad that Tonga has gone this way, I like how Lord Fusitu thinks and talks about it and I wish them all the best! It's a small country, and for this fight against "big ones" they deserve respect!

[Sithara007]

Here are some comments from Lord Fusitu'a. He thinks the Bitcoin bill has a 80% chance to pass:

He himself mentioned that it is going to take another year or so, if everything works as per the plan. Personally I don't expect anything concrete this year. So Tonga is not in my radar right now and I guess a few other countries will be having higher chances to make Bitcoin as the legal tender before that ever becomes a reality in Tonga. I am talking about Malta, Panama, Paraguay.etc. At this point it is not even certain whether the private bill to make Bitcoin as the legal tender will be tabled before the parliament.

[Mauser]

I had no idea where Tonga was but saw it this morning in the news with the eruption of an underwater volcano. Accepting bitcoins as a legal tender can bring a lot of benefits for such a small island country. First of all not being dependant anymore on westernunion is a big plus. Being the largest financial institution that sends money around the world enables them to charge very high fees. The pressure from the crypto market should help lower these fees. Secondly bitcoins can make it easier for Tonga to collect some international funds to help rebuild the country. The tsunami will require an international relief fund which could in bitcoins instead of USD.

[tabas]

I had no idea where Tonga was but saw it this morning in the news with the eruption of an underwater volcano.

Yeah, it's the first thing that came to my mind when I've seen the news that have been posted in the forum about Tonga.

Accepting bitcoins as a legal tender can bring a lot of benefits for such a small island country.

It is an advantage for them and it has to pass through several screening and reviews of their own government committee that's assigned for passing the law about it for being a legal tender. I think within less than a year for the projection of it for being a legal tender, that seems to be quick just as what El Salvador's.

[DrBeer]

...

This is the best part:
"The WB IMF these ppl have not been so nice to us over the years so why should we worry about them"

Has the IMF ever been good for anyone other than being good for themselves? We have been talking about this for years, bank as a bank, all they think about is how to fill their pockets, and we little people who work earn less and less because of their games...

I am glad that Tonga has gone this way, I like how Lord Fusitu thinks and talks about it and I wish them all the best! It's a small country, and for this fight against "big ones" they deserve respect!

Protesting against those you don't like is it. But the real benefit of just such a solution is different. Know what's the problem? You will amuse your pride that "Tonga has shown the fact to the Pindos", and as a result, the economic situation in this country will worsen even more, because. neither cue ball, nor ether, nor even dogcoin will save them! For some reason, you don’t want to understand that the economy is a complex mechanism that cannot be improved by adding a new payment system, in fact. Everything is much more complicated there. And it is necessary to correct the situation not by adding a new payment system, but to study the problems and look for ways of a real solution, and not this circus for the public.

Answer 1 simple question by describing the logical chain - how the introduction of bitcoin as a means of payment will help the economy of the country of Tonga. ?

[iv4n]

...

...

Protesting against those you don't like is it. But the real benefit of just such a solution is different. Know what's the problem? You will amuse your pride that "Tonga has shown the fact to the Pindos", and as a result, the economic situation in this country will worsen even more, because. neither cue ball, nor ether, nor even dogcoin will save them! For some reason, you don’t want to understand that the economy is a complex mechanism that cannot be improved by adding a new payment system, in fact. Everything is much more complicated there. And it is necessary to correct the situation not by adding a new payment system, but to study the problems and look for ways of a real solution, and not this circus for the public.

Answer 1 simple question by describing the logical chain - how the introduction of bitcoin as a means of payment will help the economy of the country of Tonga. ?

It's not just because I don't like them... it's more because they are taking too much, and giving back so little, and I guess they are doing it with a "complex mechanism" that I don't understand!

The IMF has been accused of predatory lending, and keeping emerging economies in debt. Both the World Bank and IMF have demanded Structural Adjustment Programmes as a condition for loans, often to governments who see these loans as a last resort.

You say "study the problems and look for ways of a real solution", and in my opinion, the current economic system is one of the problems! It's a good thing when you standing on your feet and you don't depend on anyone! I agree with you, just the introduction of new means of payment can't help, they have to do many other things as well, but this can be like the first step out from debt slavery and start relying on what you have and what you can offer! In the long term that can be helpful for the economy of Tonga...

[DrBeer]

...
It's not just because I don't like them... it's more because they are taking too much, and giving back so little, and I guess they are doing it with a "complex mechanism" that I don't understand!
...

This is the market. If you do not like the service of a provider - choose another! Is someone forcing you to take money from the IMF? NO ! Take from China, take from Japan, take from Russia, take from international financial companies. What's stopping you? Oh, there are even less favorable conditions? And why is no one shouting about them, but only about the IMF? Why do you think the IMF should take little from you and give you a lot? It all looks to me like a biased, purposeful "spreading" of the IMF, despite the fact that everything around is even "worse" ... Are there any arguments against it?

[savetheFORUM]

Here are some comments from Lord Fusitu'a. He thinks the Bitcoin bill has a 80% chance to pass:
<snip>

It’s high time that all these people who keep saying this accepts the fact that they can’t tell which country is going to make Bitcoin a legal tender. Nobody knows at all which country is going to do that, except that they come out and say it. If the government of a country has not said it yet, then there is no need for us to be speculating on that or even talking about it.

We don’t know the countries that are going to make it the legal tender next, for now we only know about El Salvador which has made Bitcoin a legal tender. If there is any other country that would follow, then it is best for us to wait till then and see.

[iv4n]

...
It's not just because I don't like them... it's more because they are taking too much, and giving back so little, and I guess they are doing it with a "complex mechanism" that I don't understand!
...

This is the market. If you do not like the service of a provider - choose another! Is someone forcing you to take money from the IMF? NO ! Take from China, take from Japan, take from Russia, take from international financial companies. What's stopping you? Oh, there are even less favorable conditions? And why is no one shouting about them, but only about the IMF? Why do you think the IMF should take little from you and give you a lot? It all looks to me like a biased, purposeful "spreading" of the IMF, despite the fact that everything around is even "worse" ... Are there any arguments against it?

I will take this as a fact: "If you do not like the service or a provider - choose another"! And I guess Tonga doesn't like IMF and they chose Bitcoin! They didn't want to take from Russia, China, and other countries, fiat as fiat, they are all the same, Tonga decided to try an alternative, and I say good for them! Maybe they will have success with that, they can focus on some other things like making Tonga a good place for crypto investors, relying on their products more than on loans... if the crypto market rises meanwhile they will benefit even more!

Your words "Why do you think the IMF should take little from you and give you a lot?" I think that some services should exist to help people, and not some group of people to get rich on people's backs! It's like paying tax... tax is ok and should be used to help the country and all the people who live in that country, not individuals to get rich!

[justdimin]

People in this small island use Western Union for remittances, and they have to pay up to 30% in fees. Making Bitcoin legal tender, alongside the Tongan Pa’anga, would immediately help people save a lot in money transfers. MP Lord Fusitu’a will be presenting a Bitcoin bill, similar to the one from El Salvador, to the Parliament of the Kingdom of Tonga by May 2022. We will have to wait and see if it passes.

I would say that it is just a way for poorer nations to leverage themselves against dollar. I mean this is what crypto can do to the USA or the UK or any other big nation. We are talking about nations switching to bitcoin and then big nations will want to deal business so these poorer nations will ask for bitcoin, then bitcoin price will go up, these poorer nations will sell it back to Americans and then use that money to improve and slowly they will get better and better.

The only problem is that even if you give 100 billion dollars today to some corrupt bad small nation, that money will not be fully used for the nation, it will be used to enrich the presidents and their surroundings and their party members, which will trickle down to the citizens a bit, but not all of it. So crypto could save some nations, but it will not save them right away.

[DrBeer]

...
It's not just because I don't like them... it's more because they are taking too much, and giving back so little, and I guess they are doing it with a "complex mechanism" that I don't understand!
...

This is the market. If you do not like the service of a provider - choose another! Is someone forcing you to take money from the IMF? NO ! Take from China, take from Japan, take from Russia, take from international financial companies. What's stopping you? Oh, there are even less favorable conditions? And why is no one shouting about them, but only about the IMF? Why do you think the IMF should take little from you and give you a lot? It all looks to me like a biased, purposeful "spreading" of the IMF, despite the fact that everything around is even "worse" ... Are there any arguments against it?

I will take this as a fact: "If you do not like the service or a provider - choose another"! And I guess Tonga doesn't like IMF and they chose Bitcoin! They didn't want to take from Russia, China, and other countries, fiat as fiat, they are all the same, Tonga decided to try an alternative, and I say good for them! Maybe they will have success with that, they can focus on some other things like making Tonga a good place for crypto investors, relying on their products more than on loans... if the crypto market rises meanwhile they will benefit even more!

Your words "Why do you think the IMF should take little from you and give you a lot?" I think that some services should exist to help people, and not some group of people to get rich on people's backs! It's like paying tax... tax is ok and should be used to help the country and all the people who live in that country, not individuals to get rich!

Well, ok, we chose bitcoin, let it be bitcoin! There is only one caveat - bitcoin does not give money, bitcoin does not increase GDP, bitcoin does not increase the income level of the population, does not increase the social level. Truth ? And you can't just GET Bitcoin. It must be bought! And that means giving away a lot of money. At the same time, tomorrow, the cost of bitcoin may become 2 times less. And the demand for it will fall. And for example, the dollar, for the economy, will remain a dollar, which will be accepted everywhere and at any time.

About services, for help - ok, I also agree. Tomorrow you will go out to work in such a service, for food. They will not pay you money, everything should be free? Just be honest - will you go to work, bring happiness to others for free? Well, so that you do not cash in on anyone?