Bitcoin Cash (BCH) On The Way To Become Legal Tender In St. Kitts
- Bitcoin Cash (BCH) was created in 2017 and is now on the road to becoming the legal tender in St. Kitts by March according to a statement from Prime Minister Terrance Drew.
- There will be discussions along with due diligence and consultation with experts and the Eastern Caribbean Central Bank before the decision is made final.
- It is crucial to note that this will make St. Kitts the third country to adopt a cryptocurrency as a legal tender after El Salvador and Central African Republic (CAR).
Bitcoin Cash (BCH), a prominent fork of the world’s biggest cryptocurrency, Bitcoin (BTC), that was created in 2017, is on the road to become the legal tender in St. Kitts by March, as per the statement from its prime minister issued Saturday. This could be game-changing for the crypto coin, which has been in the shadows ever since the crypto market bull run of 2021, when other altcoins like Solana (SOL), Cardano (ADA), and others rose prominently.
However, the process is not a very straightforward one. There will be discussions along with due diligence and consultation with experts and the Eastern Caribbean Central Bank. According to the finance minister of the Caribbean country, Terrance Drew, by March, the consulation process will be finished during which various pros and cons would be discussed of making Bitcoin Cash (BCH), an official currency in St. Kitts.
A recording of the speech from Prime Minister Drew has been posted online and in the speech, he said that St. Kitts “has always been forward thinking nation and a leader in exploring new industries” and also added that has the country has the “potential to bring enormous benefits and business opportunities.”
“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.
Interestingly, at the Electronic Cash Conference 2022 on November 12, 2022, Prime Minister Drew pointed out that the financial safety and security of citizens and residents is a matter of high priority and as a result, Bitcoin Cash (BCH) is being considered to be introduced as a legal tender.
It is crucial to note that this will make St. Kitts the third country to adopt a cryptocurrency as a legal tender. The first country to do was El Salvador under the leadership of Nayib Bukele while the second country was Central African Republic (CAR), under the leadership of Faustin-Archange Touadéra.
Moreover, the conference also saw participation from Roger Ver, the founder of Bitcoin.com, and many other professionals from around the world.
Bitcoin Cash (BCH) ranks among the top 100 cryptocurrencies by market cap and aims to become sound global money with fast payments, micro fees, privacy, and high transaction capacity. It seeks to solve all the problems that Bitcoin (BTC) was unable to.