Lord Fusitu’, a politician from the small island nation Tonga, is of the opinion that the island nation is one of the biggest remittance-dependent nations in the world. Thus, BTC’s espousal in the nation as a legal tender can offset high remittance charges of upto thirty percent charged by money transfer services like Western Union.
“Tonga is the highest remittance-dependent country on earth. Between 38% and 41.1% of our GDP, depending on which World Bank figures you use, is remittances. To get those remittances to Tonga, Western Union takes a 30% bite out of them, on average. It can be 50%. In El Salvador, it’s closer to 50%.”
Fusitu’ is of the opinion that BTC has a place in the Tongan financial ecosystem and assumes it might very well function with ease using virtual currency wallets like Strike. He further mentioned that BTC payment apps might easily see noteworthy espousal among the natives as they would not require a parliamentary order to carry out.
He further added,
“Bitcoin is the first truly global natively open monetary system. Blockchain is the most optimal storage medium for money if your goal is decentralization and complete, egalitarian democratization of money.”
It is to be noted that the Bitcoin adoption in El Salvador is breaking new records every day as the number of individuals using BTC wallet Chivo has crossed the milestone of three million downloads, as informed by the nation’s president in a recent tweet.
What do you think about the prospects of several small and medium sized nations adopting BTC as legal tender following the footsteps of El Salvador? Let us know in the comments below!