Lord Fuzitwa, a former member of the Tongan parliament, shared a timeline for the country’s plan to use bitcoin (BTC). The Tongan nobleman Fuzitwa previously unveiled a four-step plan, a copy of Salvadora’s Bitcoin Game Book.
The first step is money transfers, the second is legal tender, the third is bitcoin mining, and the fourth is the conversion of the treasury into bitcoin, which effectively puts the nation at the bitcoin level.
During the Twitter chat, Fusitu’a outlined phases two and three and provided a timeline for when these changes will take place.
Lord Fausitva told the Cointelegraph:
Let’s say that the bill [legal tender] is adopted from early to mid-October. After that, the bill will remain in the palace office for three to four weeks. In mid-November.
The bill is then sent back to the government for consideration in a “voting process”. The magazine works to notify the public about the changes. Now that the prayer week takes place in Tonga the first week of January, Lord Fauzitva announces the second week of January 2023.
Lord Fuzitwa with laser eyes as clear as bitcoins. Source: Twitter
For the following legal tender invoice:
“Conservatively, the earliest date is early mid-February as an activation date. It could have been much closer if the last three steps had been taken quickly – as you have seen before. ”
Lord Fausitva concluded that “ceteris paribus, for example, in mid-February”.
When it comes to bitcoin mining in the country, the potential is simply amazing. There are 21 volcanoes in Tonga (bitcoin coincidence) that produce over 2000 megawatts (MW) per year. The national grid uses 40 megawatts per year, which means that Tonga has “a potential of 1,960 megawatts with nothing to do.”
However, efficient recovery may require government involvement, and Internet infrastructure must be reliable.
Tonga is an archipelago with over 170 islands and 21 volcanoes in the Pacific Ocean. Source: NationsOnline
Fortunately, broadband infrastructure will not be an obstacle to the expansion of the Internet and mining, thanks to an agreement reached more than eight years ago with the World Bank’s International Finance Corporation.
Lord Fushito’s mother has signed a communications agreement with the World Bank to effectively “protect the future” of bandwidth infrastructure. Lord Fauchito’s legal experience came in handy during the negotiations as he was able to implement the agreement and better understand the country’s fiber optic infrastructure.
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In short, Tonga has “enough room to expand over the next 100 years.” In addition, since almost all houses in Tonga have access to fiber when the cable is installed “to the door”, home mining has become a reasonable reality. In the 1920s, families in Tonga could thus recover at home by using cheap surplus volcanic energy.
For a country to reach the level of bitcoin mining on a national scale, the authorities must be on their side. Lord Fausitva told the Cointelegraph that bitcoin mining could start “in the third quarter of 2023” and that the government is likely to join.
Bitcoin mining rigs in shipping containers. Source: YouTube
«Mineral extraction can be carried out privately or in collaboration with the authorities. It may be necessary to create a new public company.
Enthusiastic about the history of Bitcoin in Tonga, Bitcoin miners donated Lord Fuzitwa’s mining rigs in 40-foot shipping containers for energy testing. Companies remain confidential.
However, public plans for bitcoin adoption in Tonga are gaining momentum.
