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St. Kitts and Nevis will explore the possibility of making bitcoin cash legal tender by March 2023. The statement was made by St. Kitts and Nevis Prime Minister Terrance Drew as part of the Bitcoin Cash 2022 conference held in the country, declaring that Bitcoin Cash mining will also be explored in the same way.
The government of St. Kitts and Nevis will investigate the possibility of declaring bitcoin cash as legal tender as part of the process of introducing cryptocurrencies into the country’s economy. The announcement was made by Prime Minister Terrance Drew, who attended the Bitcoin Cash 2022 conference on November 12.
As part of his speech, Drew stated:
I welcome the opportunity to dialogue further with a view to exploring the possibilities of Bitcoin Cash mining and making bitcoin cash legal tender in St. Kitts and Nevis by March 2023 when the protection of our country and people is guaranteed.
Drew explained that his country was aware of the potential benefits of adopting a cryptocurrency as legal tender, stating that many businesses on the island already accept bitcoin cash as a payment method. However, he was clear that this move could only be made after considering all the important aspects of such an endeavour, and complying with due diligence.
The move would follow in the steps of countries such as El Salvador, which declared Bitcoin legal tender in June 2021.
St. Maarten’s Member of Parliament Rolando Brison explained the benefits of declaring Bitcoin Cash legal tender for the country. Brison, who declared that he planned to receive his entire salary paid in bitcoin cash in March, stated that making bitcoin cash legal tender would simplify procedures for collecting wages in that cryptocurrency.
Brison also stated that legacy legal contracts are based on legal tender, so no such large transactions can be conducted with bitcoin cash without it having legal tender status. This will also apparently exempt bitcoin cash holdings from capital gains tax and will simplify accounting paperwork and procedures for cryptocurrency owners. Ultimately, Brison stated that this was the best way to counter the trend of Central Bank Digital Currencies (CBDCs) that many governments are currently exploring.
Brison has been a supporter of the cryptocurrency in his country, exploring regulations to make bitcoin money legal tender since March.
What do you think of the plan for St. Kitts and Nevis? Tell us in the comments section below.
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