Kingdom of Tonga’s noble person, politician, and lawyer, Lord Fusitu’a is proposing a bill to recognize Bitcoin as legal tender of the country, Australia’s ABC News reported on Sunday.
Located in the South Pacific Ocean, the Kingdom of Tonga is an island country with a population of about 100,000.
Lord Fusitu’a mentioned that emerging markets such as Tonga, which are often found in Pacific countries, are most likely to benefit from virtual currencies because they are highly dependent on remittances. He pointed out that the introduction of cryptocurrencies such as Bitcoin can be expected to reduce remittance costs and settlement time.
While supporting Bitcoin, Lord Fusitu’a also expressed concern over the risks of highly speculative blockchain projects that are unlisted.
Fusitu’a aristocrats first suggested the introduction of Bitcoin in the country shortly after El Salvador passed its Bitcoin Act. In a Twitter post on June 7, Lord Fusitu’a wrote:
“El Salvador’s president says he’ll make the Bitcoin cryptocurrency legal tender there. It will make it easier for people to send money home. This will generate jobs & help provide financial inclusion to thousands outside the formal economy.”