Timeline of Bitcoin as Legal currency & mining: Tonga
The former member of the Tongan parliament shared the timeline of the Bitcoin adoption and Bitcoin mining plans of the nation.
The whole world witnessed how El Salvador adopted Bitcoin law on 7 September officially. After the adoption of Bitcoin in the payment options, Tonga became the latest in the world to show its direct adoption of Bitcoin more likely to the El Salvador’ Bitcoin law and also the same idea of bitcoin mining
The former member of the parliament of Tonga, Lord Fusitu’a, shared the main timeline in which Tonga will adopt bitcoin step by step in two to three phases.
In the second quarter of this year, Tonga will introduce its Bitcoin law in debate and discussion. And in Q3 of next year, it will introduce its Bitcoin mining power plant, which will operate on the energy of a Volcano based thermal energy power plant.
Fusitu’a shared all these details during a discussion with a Twitter space conversation. Later in conversation with leading crypto news media website Cointelegraph, he confirmed that the nation will introduce bitcoin law officially in October of this year.
He added:
“Let’s say the (legal tender) bill is passed in the beginning to mid-October. After this, the bill goes to the palace office for three to four weeks. HM (His Majesty) will either give or not give royal ascent by mid-November.”
Fusitu’a also noted that all things may take place before the time in the situations when all the last three steps for the Bitcoin Introduction took place smoothly.
In the overall discussion, Fusitu’a concluded that Bitcoin will be officially under the law to use publicly as a currency in February of next year.
Right now Tonga has 21 volcanoes based thermal energy power plants and all together are producing around 2,000-megawatt electricity but the actual consumption of Tonga is 40 Megawatt. That means Tonga has 1960 Megawatt of free electricity to use in Bitcoin mining.
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