Bitcoin Cash could be legal tender in St. Kitts by March
14 Nov 2022
Bitcoin Cash may be legal tender in Saint Kitts and Nevis by March 2023, according to a statement by the prime minister on Saturday.
Whilst speaking at the Electronic Cash Conference 2022 over the weekend, PM and finance minister Terrance Drew said the move would follow due diligence and consultation with the Eastern Caribbean Central Bank and crypto experts.
“Our nation has always been a forward-thinking nation and a leader in exploring new industries,” Terrance stated, going on to add that the crypto revolution “has the potential to bring enormous benefits and business opportunities.”
He continued: “I welcome the opportunity to dialogue further, with a view to exploring future opportunities to engage in Bitcoin cash mining and making Bitcoin cash legal tender here in St. Kitts and Nevis by March 2023, once safeguards to our country and our people are guaranteed,” Terrance said.
A government statement noted issues surrounding financial safety that need to be resolved, CoinDesk reports.
According to the prime minister, Bitcoin Cash is already accepted by certain local businesses.
Saint Kitts and Nevis would join other nations, including El Salvador and the Central African Republic, that adopted crypto as a method of payment. El Salvador and the Swiss city of Lugano have penned a memorandum of understanding aimed at bolstering Bitcoin adoption in their own countries and neighbouring states and nations.
At Lugano’s Plan B Forum at the end of last month, El Salvador’s ambassador to the U.S., Milena Mayorga, unveiled her country’s opening of a “Bitcoin office” in Lugano to focus on boosting Bitcoin throughout Europe.