Following El Salvador, Bitcoin (BTC) as Legal Tender Likely in Q2 in Tonga
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- Fusitu’a clarified stages two and three during a Twitter space discussion.
- The purpose of the gazette is to inform the public of new developments.
There is a timetable for the adoption of Bitcoin in the nation of Tongan ex-MP Lord Fusitu’a has stated. Fusitu’a, a Tongan nobleman, has already revealed the four-step strategy, duplicating the Salvadoran Bitcoin blueprint. There are four significant steps in this process: remittances (the first), legal tender (the second), Bitcoin mining (the third), and finally transferring national treasures (the fourth) into Bitcoin.
Stages Two and Three Clarified
Fusitu’a clarified stages two and three during a Twitter space discussion, establishing a schedule for implementing these modifications. To complete the “gazette” process, a measure is sent back to the government for further consideration. The purpose of the gazette is to inform the public of new developments. Now, Lord Fusitu’a is confident that the gazette will be released by the second week of January 2023, considering that Tonga’s prayer week takes place in the first week of January.
Lord Fusitu’a reasoned that “all things being equal, let’s say mid-February.” The potential for the country’s mining of Bitcoins is enormous. Moreover, 2,000 megawatts (MW) of electricity is generated yearly by Tonga’s 21 volcanoes. Since Tonga’s national grid only uses 40 MW, the country has “a potential 1960 MW with nothing to do.”
As a result, the government may need to be on board, and the internet infrastructure must be solid for mining to be successful. Due to a pact struck with the World Bank more than eight years ago, broadband infrastructure will not hinder developing internet and mining activities.
In a partnership with the World Bank, Fusitu’a’s mother “future-proofed” the country’s broadband infrastructure. Lord Fusitu’a’s managed the purchase thanks to his extensive knowledge of the country’s fiber cable infrastructure because of his legal training.
Cryptocurrency
