The tiny island of Tonga is considering making Bitcoin (BTC) a legal currency in the country

Several governments are following El Salvador's lead in adopting bitcoin as a legal currency, and there are indications that Tonga may be next, as one of the country's politicians is busy drafting a bill to that effect.

Tonga will get a Bitcoin bill in 2022

Concerned Deputy, Lord Fusito MP Lord Fusitu He said in an interview with a magazine Financial Review, He is working on a similar Bitcoin bill, which will be presented to Parliament Tonga By May 2022.

According to him, this would make the Oceanian country benefit from the possibility of using Bitcoin as legal tender, which would coexist with the country's official national currency, the Banga Tongan Pa'anga.

And the deputy Fusito He holds the title of Lord, and is a member of Parliament for the Legislative Assembly (called Niuas) in Tonga.

Earlier this year, the MP expressed his interest in the dynamics of Bitcoin, however, at the time, his interest was limited to investing in crypto.

While this bill would need significant support from the country's central bank and other politicians, Lord Fausto is confident that the bill can see the light of day, given its relative success in El Salvador.

Bitcoin and Emerging Markets

Most of the countries that have shown interest in the Bitcoin bill are called emerging market Some of these countries include Panama And Colombia And Mexico And Tonga, and a host of other countries.

When asked El Salvador's president, Naguib Bukele, Here's to watching On why Bitcoin is legalized in the country, he was of the opinion that adoption would help boost the country's economy, while at the same time turning it into an economy attractive to crypto entrepreneurs.

An interesting fact is that our previous report showed that crypto adoption was prevalent in emerging countries, such as Nigeria, Kenya, and others.

The reasons for growth in these countries are related to such things as preserving savings from currency devaluation, remittances and other commercial transactions.