आईसीटी समाचार
Tonga's lawmaker is attempting to persuade the government to accept Bitcoin as legal money. Bitcoin is the most valuable cryptocurrency in the world, with a market capitalization of over $52,000. Tonga, according to parliamentarian Lord Fusitu'a, should follow El Salvador's lead and recognize Bitcoin as legal money. He argues that fees for remittance platforms cost the island country a significant portion of the money remitted from its residents working overseas. Tonga could begin by implementing the Strike digital wallet, which is based on the Bitcoin Lightning Network, so that residents working overseas may transfer money home without incurring additional fees, according to the crypto enthusiast.
To gain money, between 250,000 and 300,000 Tongans have traveled to other nations. The money their family or relatives contribute from other nations is an important element of Tonga's life and national economy for the 100,000 people who reside there. “Tonga is the world's most remittance-dependent country. Remittances account for between 38 and 41.1 percent of our GDP, depending on whose World Bank data you choose. Lord Fusitu'a was reported in a Financial Review report as saying, "Nearly half our GDP is money sent back from our diaspora." Western Union, an international money transfer company, deducts 30% of remittances that must reach Tonga from its diaspora working in other nations as a service charge.
“So, our GDP in 2020 was $510 million (approximately Rs. 3828.8 crores), and fees alone to Western Union accounted for 30% of it, or $60 million (about Rs. 450 crores,” the legislator explained. Lord Fusitu'a, citing El Salvador's plight, said that Western Union had eliminated over half of their remittances, but that this would no longer be a problem. El Salvador became the first country to recognize Bitcoin as legal money alongside the US dollar in September, making foreign monetary transactions easier and more cost-effective. Despite the Reserve Bank of Tonga's reservations about legalizing Bitcoin, Lord Fusitu'a is developing a bill that will be presented to King Tupou VI and Prime Minister Pohiva Tu'i'onetoa.
The proposed private member's bill will require votes from Tongan authorities and cabinet ministers in May 2022, with the outcome determining Bitcoin's admission into the country.The Governor of the Reserve Bank of Tonga, Sione Ngongo Kioa, stated earlier this month that the country was not considering adopting Bitcoin as a legal money anytime soon.
