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Bitcoin, could Tonga also start in the footsteps of El Salvador?

A local member of parliament proposes to adopt BTC as legal tender

While inside El Salvador the furious protests of the population against the Bitcoin Lw, which imposes the legal tender of Bitcoin, now Tonga too is starting to think of a hypothesis of this kind. To propose to adopt the iconic creation of Satoshi Nakamoto is a local politician, Lord Fusitu'a, who wanted to explain to Financial Review the rationale of his proposal. Of which the politician could soon become a sponsor in Parliament. So let's see what he said during his interview.

satoshi bitcoin - Bitcoin, could Tonga also start in the footsteps of El Salvador?

Lord Fusitu'a's interview with Financial Review

According to Lord Fusitu'a, the reason behind his proposal is to be found in the fact that the country is based on the remittances of migrants. In fact, Tonga is the country most dependent on remittances globally, if only one thinks that on the available statistics, provided by the World Bank, between 38% and 41,1% of its GDP would be attributable to this item.
The transfer of this money would allow Western Union, in particular, to raise substantial amounts in the form of commissions, year after year. Money which could therefore be saved for a good part in the event that the transfers take place in the form of Bitcoin.

Bitcoin is the ideal payment tool

To this first finding, Lord Fusitu'a then adds a second one, which openly testifies to his convinced adherence to the BTC ecosystem. According to him, in fact, the cryptographic icon would constitute the first truly global natively open monetary system.
While the Blockchain would be the optimal storage medium for the money. Especially if the decentralization and the complete and egalitarian democratization of the monetary and financial system are set as the goal. Which, currently, is characterized by too high levels of injustice.

Strike as a technical means to send BTC to Tonga

Fusitu'a then cited a digital wallet, that is Strike, a solution proposed by Zap Solutions Inc., a Chicago-based company, as a potential means of transferring Bitcoin to Tonga. The company was created by Jack Mallers, an avid supporter of cryptocurrency, who plays the role of CEO with great controversy.
He himself argues for the rightness of a legal tender Bitcoin, as not only would it make transfers cheaper, but it would represent an ideal response to counteract excessively high levels of inflation. Which is basically the thesis that has prompted a large number of citizens of countries like the Venezuela,Argentina and others to change salaries and pensions into digital cash.

However, there is a major problem ...

Fusitu'a himself then went so far as to affirm that using Strike to send money to Tonga would not require an act of Parliament or approval from the National Reserve Bank of Tonga. A statement which, however, is at the very least questionable. A recent survey conducted by decrypt. Which discovered how Zap Solutions Ltd is not in possession of the licenses that would allow it to operate legally in the vast majority of the individual states that make up the USA.
The survey was conducted at the beginning of the year and in the course of the same the experts had suggested that transfers of money and cryptocurrencies to El Salvador by means of Strike would be potentially illegal. An aspect that Fusitu'a should certainly be aware of. And which, moreover, seems to give arguments to those in El Salvador who continue to oppose the legal tender of Bitcoin.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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