The Caribbean nation of St. Kitts and Nevis may declare Bitcoin Cash (BCH) legal tender by March 2023.
Prime Minister Terrance Drew announced this at the Bitcoin Cash 2022 conference on Nov. 12.
St. Kitts and Nevis is a member of the Eastern Caribbean Central Bank and part of the ECCB’s DCash CBDC program.
The nation aims to explore the possibility of BCH becoming legal tender after consultation with regional banks and experts.
The move could introduce competition to the DCash program, which has faced technical challenges.
Sint Maarten Member of Parliament Rolando Brison expressed support for Bitcoin Cash and opposition to a CBDC, considering it too risky.
The announcement is seen as a significant step for BCH and its mass utilization with new applications.
No nation can outlaw the currencies of other nations, highlighting the international acceptance of cryptocurrencies like BCH.
The legislator should have a say in cryptocurrency regulation rather than the central bank, according to Brison.
St. Kitts and Nevis to Explore Bitcoin Cash as Legal Tender
The Caribbean nation of St. Kitts and Nevis is considering the possibility of declaring Bitcoin Cash (BCH) as legal tender by March 2023. Prime Minister Terrance Drew made the announcement during his speech at the Bitcoin Cash 2022 conference held in St. Kitts on November 12. The country is a member of the Eastern Caribbean Central Bank (ECCB) and part of its DCash central bank digital currency (CBDC) program. Despite their involvement in the CBDC initiative, St. Kitts and Nevis is open to exploring the use of Bitcoin Cash.
Prime Minister Drew highlighted their country’s forward-thinking nature and their commitment to adopting new technologies to advance their people. He expressed that they are willing to explore the possibility of making Bitcoin Cash legal tender after consulting with experts and professionals, as well as the regional banking system. However, Drew emphasized the need to ensure safeguards for the country and its people. The timeline for adoption is set for March 2023 if these conditions are met.
Bitcoin Cash as a Potential Replacement for DCash
Bitcoin Cash, created through a fork from Bitcoin in 2017, may present competition to the ECCB’s DCash program. The DCash initiative has faced technical challenges that hindered its adoption. St. Kitts and Nevis might be considering Bitcoin Cash as a replacement for DCash due to these difficulties.
Member of Parliament Rolando Brison of Sint Maarten also voiced his support for Bitcoin Cash and expressed opposition to the CBDC concept. Brison believes that a CBDC is too risky to consider, stating that the central bank lacks the capability to monitor, engage, promote, and safeguard such a currency. He suggested that instead of relying on the central bank, the legislator should have a say in regulating digital currencies.
This move by St. Kitts and Nevis to explore Bitcoin Cash as legal tender signifies a significant step forward for the cryptocurrency. It also showcases the potential of cryptocurrencies to become widely adopted in national economies. The prime minister’s announcement has generated optimism among cryptocurrency enthusiasts, who see it as an opportunity for mass utilization and the development of innovative applications for Bitcoin Cash.
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