Another domino is lined up to fall down the route to Bitcoinization. On Wednesday, a former lawmaker of 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 his five-point plan, the chairman of the Global Organization of Parliamentarians Against Corruption describes the adoption path:
1. Sept/Oct Bill goes to Parliament. Passed.
2. Sent to Palace Office for submission to His Majesty for Royal Assent.
3.<A month – HM as advised by Privy Council assents to Bill.
4. 2-3 Weeks Gazetted by Govt activation date set.