When El Salvador declared Bitcoin legal tender in the country in 2021, it was a shocking move for the world. However, things started changing quickly and many skeptics started pointing fingers at El Salvador’s ambitious yet untested move. Among those who criticized Bitcoin adoption, among other things, were the International Monetary Fund and the World Bank. President of El Salvador Nayib Bukele also famously had many online spats with experts who spoke against his policies. The self-fashioned “world’s collect dictator” is known for his sudden and drastic moves. For a long time, El Salvador was being seen as a bad example and a result of poor decision-making. Now, for the first time, other counties are moving in El Salvador’s footsteps and speculating Bitcoin as legal tender. The Pacific island nation of Tonga might be the first country to do so.
Former Tongan member of parliament Lord Fusitu’a took to Twitter to share an ETA in favor of legalizing Bitcoin in the country. If Tonga is serious about this move, that would mean the next biggest thing for Bitcoin after El Salvador’s adoption. However, things are still at a speculatory stage and nothing is certain or final.
In the far future, we can expect many nations to come together and agree on Bitcoin adoption. Until then, sporadic Bitcoin adoption will continue. While many countries will not go to the extent of El Salvador, they will become more open to transacting in Bitcoin. As of now, how far Tonga reaches with its plan is the talking point in cryptocurrency communities.
