• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Tiny island of Tonga weighs making Bitcoin (BTC) legal tender

October 7, 2021
in Regulations
Reading Time: 3 mins read
A A
0
Tiny island of Tonga weighs making Bitcoin (BTC) legal tender
0
SHARES
4
VIEWS
ShareShareShareShareShare
Bybit Welcome Bonus: Up to $600 in Rewards

Like many crypto enthusiasts predicted that several countries would be following in the footsteps of El Salvador in adopting Bitcoin as a legal tender, there are indications that Tonga could be the next, as one of the country’s politicians is busy drafting a bill in that direction.

Tonga will get Bitcoin bill in 2022

The politician in question is MP Lord Fusitu’a who disclosed in an interview with Financial Review that he is working on a similar Bitcoin bill that would be presented to the Tonga Parliament by May 2022.

According to him, this would make the Oceania country tap from the potential of Bitcoin as a legal tender, which would coexist with the national fiat currency of the country, the Tongan Pa’anga.

MP Fusitu’a is a Lord Member of Parliament for the Niuas Legislative Assembly of the Kingdom of Tonga. He had previously expressed how fascinated he was with the dynamics of Bitcoin earlier this year. However, at the time, his interest was limited to investing in the crypto king.

While the bill would need to enjoy considerable support of the country’s central bank and other politicians, Lord Fusitu’a is confident that the bill could see the light of the day considering its relative success in El Salvador.

Bitcoin and emerging markets

Most countries that have shown interest in a Bitcoin bill could be termed as an emerging market, some of these countries include Panama, Colombia, Mexico, Tonga and a host of others.

Per El Salvador’s president, Nayib Bukele, when questioned on why the country was making Bitcoin a legal tender, he was of the opinion that the adoption was going to help boost the country’s economy and at the same time, make it attractive to crypto entrepreneurs.

An interesting fact to note is that a previous report of ours showed that crypto adoption was rife in emerging countries like Nigeria, Kenya and others. According to the report, the reasons for the growth in these countries are tied to things like “preserving savings from currency devaluation, transferring and receiving remittances, and other business transactions.”

Ad: Up to 20x margin on FTX.

Sign up

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Bybit Welcome Bonus: Up to $600 in Rewards

Like what you see? Subscribe for updates.

Credit: Source link

ShareTweetSendPinShare
Previous Post

$15m Worth of COMP returned to Compound Finance Thanks to ChangeNOW

Next Post

Semiconductor Memory Market to Have a Promising Future Ahead

Related Posts

Cardano founder steals the show at Congressional hearing on crypto regulation
Regulations

Cardano founder steals the show at Congressional hearing on crypto regulation

June 24, 2022
6
Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations
Regulations

Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations

June 24, 2022
5
Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.
Regulations

Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.

June 24, 2022
4
Max Keiser suggests corruption could be at play over SEC’s denial of spot Bitcoin ETF
Regulations

Max Keiser suggests corruption could be at play over SEC’s denial of spot Bitcoin ETF

June 24, 2022
6
US Senators call on OSTP to restrict PoW mining to zero-carbon energy sources
Regulations

US Senators call on OSTP to restrict PoW mining to zero-carbon energy sources

June 24, 2022
6
Next Post
Semiconductor Memory Market to Have a Promising Future Ahead

Semiconductor Memory Market to Have a Promising Future Ahead

Recommended

How Virtual Credit Cards Are Powering New Digital Business Models

How Virtual Credit Cards Are Powering New Digital Business Models

June 24, 2022
6
How To Use The Right Side Of Your Brain To Build Relationships With Your Team

North America Artificial Intelligence (AI) in Retail Market Size

June 10, 2022
12
Amazon knocks $80 off Anova’s Precision Cooker sous vide machine

Amazon knocks $80 off Anova’s Precision Cooker sous vide machine

June 7, 2022
5
Ankr Protocol partners Pocket Network to promote Web3 infrastructure

Ankr Protocol partners Pocket Network to promote Web3 infrastructure

May 27, 2022
6
Renewed concerns about inflation has the Fed triggered

Renewed concerns about inflation has the Fed triggered

June 20, 2022
6
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Choise.com Announces CHO’s First CEX Listing on LBank
  • Business leaders react to Roe v. Wade
  • Stocks rise as indexes head for weekly gains

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?