Volcanos, Bitcoin and remittances: A Tongan lord plans for financial security
A former lawmaker from the island nation wants to use Bitcoin to secure his country’s financial security. A former member of the Tongan Parliament is behind a proposal to make Bitcoin (BTC) legal tender in the tiny Pacific nation of Tonga, following in the footsteps of El Salvador. It’s due for a vote in Parliament in May and the early signs are encouraging.Mataʻiʻulua ʻi Fonuamotu, Lord Fusitu’a told Cointelegraph that plans are in motion to use state-run volcano mining facilities to create wealth in Tonga. Tonga has 21 volcanoes. “That means one volcano for every 5,000 people.” He owns....
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A member of the Tongan government and royal family strongly believes in a Bitcoin oriented future.
The tiny Pacific nation of Tonga could have Bitcoin as legal tender by Q2 and Bitcoin mining by Q3 of 2023. Lord Fusitu’a, a former member of the Tongan parliament, has shared a timeline for the country’s plan to adopt Bitcoin (BTC). A Tongan nobleman, Fusitu’a had previously disclosed the four-step plan, a copy of the Salvadoran Bitcoin playbook.Step one is remittance, two is legal tender, three is Bitcoin mining, and four is moving national treasuries into Bitcoin, effectively upgrading the nation onto a Bitcoin standard. During a Twitter spaces conversation, Fusitu’a shed light on steps....
Tonga is now accepting Bitcoin donations to aid with relief efforts as the country faces the aftermath of a huge volcanic shockwave leading to a tsunami. On Friday, the Kingdom of Tonga experienced the shockwave of a massive volcanic eruption of the Hunga Tonga-Hunga-Ha'apai volcano. More eruptions ensued after the first, leaving the citizens of Tongatapu, the main island of Tonga, to face down a tsunami.Amid the difficulties, crypto holders expressed their sympathy and intent to donate Bitcoin (BTC) to help with the relief operations. Twitter user onair_blair urged Bitcoin supporter and....
In a ruling that is “almost identical to the El Salvador bill,” Tongan bigwig Lord Fusitu’a anticipates that his country could adopt Bitcoin by November. Another domino is lined up to fall down the route to Bitcoinization. On Wednesday, the Pacific island nation of Tonga shared a play-by-play approach to adopting Bitcoin (BTC) as legal tender. In a series of tweets, Lord Fusitu’a, a former member of parliament for Tonga, released an ETA for Bitcoin becoming legal tender in Tonga. Copying El Salvador’s playbook, the move could onboard more than 100,000 Tongans onto the Bitcoin network.In....
The European Parliament is set to quiz several nominees for European Commission posts this week, including Britain's Lord Jonathan Hill, who is scheduled to appear before parliament today. Notably, Lord Hill is expected to discuss digital currencies during his appearance. Lord Hill, the commissioner-designate for the Financial Stability, Financial Services and Capital Markets Union portfolio, has already attended one hearing, which took place last week. At that hearing, Hill and another designate were posed a number of questions from lawmakers and committees, submitted by Martin Schulz,....