A former member of parliament in Tonga, Lord Fusitu’a, has given the timeline for when the country will adopt Bitcoin as legal tender. Fusitu’a, a renowned supporter of the cryptocurrency sector, has laid down a four-step plan that will allow the country to be next after El Salvador in adopting Bitcoin.
Tonga’s Bitcoin timeline
According to the timeline provided by Fusitu’a, the first step will be remittance, followed by legal tender, Bitcoin mining and then investing national funds into Bitcoin, eventually transforming Tonga into a Bitcoin nation.
“Let’s say the [legal tender] bill is passed in beginning to mid-October. After this, the bill goes to the palace office for three to four weeks. HM [His Majesty] will either give or not give royal ascent by mid-November,” Lord Fusitu’a said.
If the Tongan leader approves the bill, it will be gazetted, notifying the public about the changes. Lord Fusitu’a says the bill will be gazetted during the second week of January 2023, after Tonga’s prayer week.
“Conservatively, the earliest date realistically is the beginning to the middle of February as the activation date. It could be much, much earlier if the last three steps are rushed through – which I have seen before,” the legislature added.
Bitcoin mining in Tonga
Tonga is also focusing on Bitcoin mining activities. The nation has 21 volcanoes producing more than 2000 megawatts of power annually. Tonga’s national grid needs 40 megawatts annually; hence the country has an abundance of excess supply. However, Bitcoin mining activities need government support and strong internet infrastructure.
In terms of the internet infrastructure, Tonga entered into a deal with The World Bank eight years ago to expand its broadband infrastructure. The World bank deal was negotiated by the mother of Lord Fusitu’a, who said it would futureproof the nation’s broadband infrastructure.
The negotiations were also facilitated by Lord Fusitu’a, who has a strong legal background. Moreover, he is well-versed with Tonga’s fibre cable infrastructure, enabling him to oversee the deal smoothly.
Your capital is at risk.
Read more:
Credit: Source link
