For better or for worse, several countries have been contemplating the adoption of Bitcoin as a legal tender. Tonga is the latest country to throw its hat in the ring.
Lord Fusitu’a, a Tongan royalty, was reportedly working together with Jack Mallers, the CEO of Strike and architect of El Salvador’s Bitcoin project, to bring the BTC legal framework to Tonga.about the industry and has, time and again, asserted that the country can become more “competitive and wealthy” if it embraces the cryptocurrency. His focus has been on the remittance advantages that Bitcoin offers, which can potentially benefit the citizens regarding long-term saving.
Many economists and world leaders have expressed their concern over countries following El Salvador’s suit. For countries such as Tonga, there are inflationary pressures at play to consider such a move as well.The young, maverick El Salvadorean President, Nayib Bukele made history last year after pushing Bitcoin as legal tender. However, his actions have failed to charm some experts who believe he may have cost the country $10 million amid the crypto market rout.
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