Bitcoin can be legal tender in St. Kitts by March, says the prime minister
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(Kitco News) – Bitcoin Cash (BCH) could be legal tender in Saint Kitts and Nevis by March 2023, Prime Minister Terrance Drew said Saturday.
“Our nation has always been a forward-looking nation and a leader in exploring new industries,” Terrance told attendees at the Bitcoin Cash 2022 conference on November 12. He added that crypto “has the potential to provide enormous benefits and business opportunities.”
Drew, who is also the country’s finance minister, said the decision will be made in consultation with experts and in coordination with the Eastern Caribbean Central Bank, and will follow a thorough due diligence process.
Terrance said his government is exploring the possibility of making Bitcoin Cash legal tender in St. Kitts and Nevis by March, along with potential opportunities for BCH mining in the Caribbean nation, “as soon as security measures for our country and our people are guaranteed.” ”
The move is seen as a significant one beyond the island nation’s borders because countries cannot declare another nation’s currency illegal. This means Bitcoin Cash can enjoy some of the protections of a national currency in just a few months.
Bitcoin Cash is a 2017 fork of Bitcoin designed for practical use in cash transactions. The Prime Minister said that BCH is already accepted as a form of payment in some of the country’s businesses.
St. Kitts and Nevis would become the third country to recognize a cryptocurrency as legal tender, after El Salvador established bitcoin (BTC) as a recognized legal tender in June 2021, and the Central African Republic adopted bitcoin as legal tender in April of year. .
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