Follow El Salvador! Former member of the Republic of Tonga: Bitcoin acquired as Fiat currency since November

Sir Pushtua, a former member of the Pacific Island Kingdom of Tonga (Kingdom of Tonga), tweeted on the 12th that Tonga's decision to register Bitcoin as a fiat currency will come as early as the 11th month or December of this year.

When a netizen asked when Bitcoin would be accepted in the Kingdom of Tonga, Sir Positua tweeted five specific strategies to adopt Bitcoin as fiat currency, and that Bitcoin is fiat in the Kingdom of Tonga, the expected timeline is described in detail. like

Mr Positua says:

1. In September/October, the bill is sent to the National Assembly and beyond.

2. Send it to the court for approval by the king.

3. >

4. Launch konica in 2-3 weeks, set federal policy for daytime street.

5. Bitcoin becomes the legitimate currency of the road.

Sir Positua said the rule of bitcoin in the Kingdom of Tonga was almost identical to that of the people of El Salvador. It is modeled on the almost identical Salvadoran law.

A netizen said that as the predicted time was announced by Sir Positua, the move to the Kingdom of Tonga to register Bitcoin as a currency may be completed in November or December this year earlier, and this Kingdom of Tonga . less than a year old. Create the Lightning Network infrastructure. To this, Sir Positua said: "Success!

In fact, as early as June, it was announced that the Kingdom of Tonga, along with El Salvador, planned to register Bitcoin as a viable option. According to previous reports, Sir Positua retweeted the President of El Salvador's support for Bitcoin, hoping to use the state reserve to buy $750 million worth of Bitcoin, Zap founder and CEO Jack has asked. , called the Mallers.

According to "FXEmpire", the Kingdom of Tonga is the only monarchy in the Pacific, with 169 islands, 36 inhabitants now. To be legal tender, 1 tonga is equivalent to 0.44 US dollars.

According to Cointelegraph, the Kingdom of Tonga is a rural country and therefore dependent on remittances from countries such as Australia, New Zealand and the United States. The International Monetary Fund has previously estimated that the Kingdom of Tonga receives more remittances than any other country in the world, accounting for 30% of household income.

Also, the Kingdom of Tonga only has a population of 6 people, but Tonga is multi-ethnic. According to the International Organization for Migration, there are approximately 126,000 Tongans living overseas in Australia, of which 18,000 are Tongans.

The need for yield is one of the main drivers behind the adoption of Bitcoin as an asset in El Salvador. According to the World Bank, Tonga's exports represent 39% of gross domestic product (GDP), compared to 24% in El Salvador.

In addition to remittances, Sir Positua mentioned the good internal presentation of the open process via Twitter on the 13th, and agreed with netizens that the Kingdom of Tonga could establish a bitcoin tour business. The Kingdom Islands are a good example.

When netizens inquired about the Kingdom of Tonga's network infrastructure, Sir Positua claimed that national network and smartphone access accounted for over 90%, but according to World Bank data in 2017, access to the network of the Kingdom of Tonga is raised to 50% no. .

Sir Positua reports that Korea's smartphone penetration rate is 95.5% and its internet penetration rate is 99.5%.

However, Sir Positua believes that bitcoin will become the national fiat currency and present the future data of bitcoin in the country that pays bitcoin at all levels of the chain. Bitcoin is used at all stages, from seeds to table, paid for tapioca roots and beef, from farm vendors to waitresses at Kardo Steak Bars.