A former member of parliament in Tonga, Lord Fusitu’a, has given the timeline for when the country will adopt Bitcoin as its legal tender. Fusitu’a, a renowned supporter of the cryptocurrency industry, has laid out a four-step plan that will allow the country to be next after El Salvador in adopting Bitcoin.

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 in Bitcoin, eventually turning Tonga into a Bitcoin nation.

“Let’s say the [legal tender] bill is passed in early mid-October. After that, the account goes to the palace office for three to four weeks. HM [His Majesty] will or will not give real ascension in mid-November,” said Lord Fusitu’a.

If the Tongan leader approves the project, it will be published, notifying the public of the changes. Lord Fusitu’a says the bill will be published during the second week of January 2023, after Tonga’s week of prayer.

“Conservatively, the earliest date is realistically early to mid-February as the activation date. It could be much, much sooner if the last three steps are done quickly — which I have seen before,” the legislature added.

Tonga is also focusing on Bitcoin mining activities. The nation has 21 volcanoes producing over 2,000 megawatts of energy annually. Tonga’s national grid needs 40 megawatts annually; therefore, the country has an abundance of oversupply. However, Bitcoin mining activities need government support and strong internet infrastructure.

In terms of internet infrastructure, Tonga struck a deal with the World Bank eight years ago to expand its broadband infrastructure. The World Bank deal was brokered by Lord Fusitu’a’s mother, who said it would secure the future of the country’s broadband infrastructure.

The negotiations were also facilitated by Lord Fusitu’a, who has a solid legal background. In addition, he is well versed in Tonga’s fiber cable infrastructure, allowing him to oversee the business smoothly.

Your capital is at risk.

See More information:

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store