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...
