Bitcoin has indeed become official tender in El Salvador as of the seventh of September 2021. Consequently, even a McDonald's hamburger can now be purchased in the country with BTC.

In addition, the country has started buying the first cryptocurrency directly for its own reserves. Admittedly, this decision seems misguided at the moment, as so far it has only brought the country a few million dollars in losses. According to Bloomberg, the authorities spent $71 million to buy the coins, with the average price of BTC at $51,056.


Today, however, Bitcoin is valued at $42,850, which is 16 per cent below the average purchase price of the asset. Which means the loss is approximately $11.36 million.

El Salvador’s President Nayib Bukele

Be that as it may, the idea of accepting Bitcoin as a means of payment seems attractive to representatives of various countries.

Where Bitcoin is accepted

Fusitu’s plan for national acceptance of BTC was posted on his Twitter account. According to Cointelegraph journalists, it consists of five points. These are the components in which the politician voiced his own attitude towards digital assets.

1. The [cryptocurrency] bill is being considered in Parliament. The stage is passed;
2. The bill is sent back to His Majesty for royal approval;
3. Within a month, the king, on the recommendation of the Privy Council, approves the bill;
4. Two to three weeks before the law goes into effect;
5. After that period, Bitcoin becomes legal tender in the country.


Accordingly, from an expert's point of view, such a plan seems quite feasible. It's only a matter of time before Bitcoin can be used to pay for products and other goods along with services.


Former Tonga MP Lord Fusitu’a

In a comment on the post, Fusitu’a added that the bill “was modeled on a similar document from El Salvador,” so the two are virtually identical. The Lord’s tweets caused quite a furor among cryptocurrency enthusiasts, which the politician immediately rushed to fuel: according to his prediction, Bitcoin legalisation in Tonga will happen no later than November/December this year.

It’s worth noting that the cryptocurrency legalisation process didn’t start spontaneously – Fusitu’a hinted at it as early as last year during his interview on Peter McCormack’s cryptopodcast. At the time, Fusitu’a was holding his post in parliament. Here is one of his quotes from the interview.

The adoption of Bitcoin will increase disposable income by 30 per cent. This money people will be able to save and build their wealth through the accumulation of cryptocurrency.

Accordingly, the idea of digital assets has been endorsed by the official for quite some time. He also recognised the advantages of cryptocurrencies, which include the tendency for many such assets to grow steadily over a long period of time.

King Tonga Tupou VI

Recall that Tonga is a remote island nation that depends on remittances from other countries, including Australia, New Zealand and the US. Experts estimate that Tonga earns more income from overseas financial transactions than any other country in the world – they account for up to 30 per cent of household inflows.

Tonga on the world map

In addition, while Tonga’s population is barely over the 100,000 mark, Tonga’s diaspora is huge. The International Organisation for Migration estimates Tonga’s overseas population at 126,000, of which up to 18,000 Tongans live in Australia. So Bitcoin’s legal status in their country will have a positive effect on other states as well.


We believe that sooner or later, Bitcoin will become legal tender in many countries, and the trend will start with small or emerging economies. They can afford more experimentation and additional risk for the sake of improving their performance. We want to believe that this will happen soon enough.


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