<span style="font-weight: 400">A Tongan legislator, <a href="https://twitter.com/LordFusitua" target="_blank" rel="nofollow noopener">MP Lord Fusitu'a</a>, has proposed legislation for recognizing Bitcoin as legal money in Tonga.</span>
<h2><span style="font-weight: 400">Tongan May Follow El Salvador In Recognizing Bitcoin As Legal Money</span></h2>
<span style="font-weight: 400">In an interview with <a href="https://www.afr.com/markets/currencies/bitcoin-dream-brewing-in-tonga-20210929-p58vmo" target="_blank" rel="nofollow noopener">Financial Review</a>, Fusitu'a stated that an El Salvador-style Bitcoin bill will be submitted to the country's parliament in May 2022.</span>

<span style="font-weight: 400">Fusitu'a stated that his country might profit from recognizing Bitcoin as legal money alongside the Tongan Pa'anga, the present official currency.</span>

<span style="font-weight: 400">The lawmaker initially <a href="https://www.nasdaq.com/articles/bitcoin-and-tonga-with-lord-fusitua-2021-07-06" target="_blank" rel="nofollow noopener">indicated </a>an interest in Bitcoin in mid-2021, however, his attention was restricted to making investments in the asset class at the time.</span>

<span style="font-weight: 400">The legislation would require significant support from other Tongan lawmakers, as well as the country's central bank, from the time it is drafted until the time it is passed.</span>
<h2><span style="font-weight: 400">Tonga, If Successful, Would Join El Salvador In Recognizing Bitcoin Earlier This Year</span></h2>
<span style="font-weight: 400">Tonga has a population of little more than 100,000 people and a GDP of over <a href="https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=TO" target="_blank" rel="nofollow noopener">$500 million</a> as of 2020. Despite being a small Pacific Island nation, Tonga may pave the way for other Pacific Island nations to follow in its footsteps in embracing the decentralized asset.</span>

<span style="font-weight: 400">Incoming overseas remittances account for a significant percentage of Tonga's GDP, and Lord Fusitu'a <a href="https://www.abc.net.au/news/2021-10-02/pacific-blockchain-experiment-cryptocurrency-bitcoin/100495166" target="_blank" rel="nofollow noopener">believes </a>that by embracing Bitcoin, the island nation would be able to enhance its cross-border payment system.</span>

<span style="font-weight: 400">El Salvador made history in September when it became the first country to make Bitcoin legal money.</span>
<h2><span style="font-weight: 400">El Salvador's Introduction Of Bitcoin Has Been Met With Criticism And Riots</span></h2>
<span style="font-weight: 400">Some see the legalization of Bitcoin in <a href="https://www.cryptoknowmics.com/news/el-salvadors-president-declares-the-start-of-volcano-powered-bitcoin-mining/">El Salvador</a> as a watershed moment, indicating that cryptocurrencies like Bitcoin and Ethereum are becoming a key component of the global financial system.</span>

<span style="font-weight: 400">El Salvador, on the other hand, has been heavily <a href="https://foreignpolicy.com/2021/09/17/el-salvador-bitcoin-law-farce/" target="_blank" rel="nofollow noopener">chastised </a>for adopting Bitcoin as their official national money. President <a href="https://www.cryptoknowmics.com/news/infrastructure-being-built-for-el-salvadors-bitcoin-adoption-nayib-bukele/">Nayib Bukele</a>, who oversaw the Bitcoin bill, was also met with many objections from local political groups over the country's monetary shift.</span>

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Tongan Parliament May Propose Recognizing Bitcoin as Legal Money

In an interview with Financial Review, Tongan legislator, MP Lord Fusitu'a, has proposed legislation for recognizing Bitcoin as legal money in Tonga.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Tongan Parliament May Propose Recognizing Bitcoin as Legal Money

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