St. Kitts and Nevis, a Caribbean island, may make Bitcoin Cash legal tender by March 2023. On Nov. 12, Prime Minister Terrance Drew announced while speaking at the Bitcoin Cash 2022 conference in St. Kitts.
The nation is a participant of the Eastern Caribbean Central Bank and is a participant in the ECCB's DCash central bank digital currency (CBDC) program, which began in March 2019. "Our nation has always been a forward-thinking nation and a leader in discovering new technologies that can advance our people," Drew said, but he added: "However, we must also be cautious."
"I can confirm that we are willing to look into that possibility with the assistance of experts and professionals, as well as after consulting with our regional banking system. I gladly accept the opportunity to further discuss future opportunities to engage in Bitcoin Cash mining and make it a legal tender in St. Kitts and Nevis by March 2023, once safeguards for our country and people are assured."
In a 2017 fork, Bitcoin Cash was formed from Bitcoin. The adoption of the DCash program has been hampered by technical issues. In addition to introducing real competitors to DCash, the Caribbean nation may be looking for a replacement. Rolando Brison, a member of the Sint Maarten Parliament, spoke after Drew and voiced his support for Bitcoin Cash while opposing a CBDC.
Brison argued that CBDC was too dangerous to consider.
"I appreciate that the central bank in our jurisdiction has been responsive enough to say and admit. We can't measure, engage, promote, and protect something like this. Why would I give them a huge mandate to do something they have no idea about if they can't properly monitor and control the banking sector? The legislator ought to have a say in what happens in the regulatory process."
St. Kitts and Nevis' Prime Minister recently announced that BitcoinCash will be legal tender in his nation by March 2023. This is a significant step forward for BCH because no nation can outlaw the currencies of other nations. The next step is the mass adoption of amazing new apps.
What are your thoughts on a Caribbean nation adopting Bitcoin Cash as legal tender? Drop your comments by sharing this article on social media.