Saint Kitts Aims To Adopt Bitcoin Cash (BCH) As Legal Tender
After El Salvador, Saint Kitts and Nevis plans to adopt Bitcoin Cash (BCH) as a legal tender. In a conference, the prime minister and finance minister of the nation, Terrance Drew, unveiled their plan to propose BCH as a legal tender by next March.
PM stands on BCH as legal tender
The prime minister also stated during the conference that they are not in a hurry to take any major steps. According to Terrance Drew, who also serves as the country’s finance minister, the Eastern Caribbean Central Bank and specialists will be consulted before a decision is made.
The PM said, “Our nation has always been a forward-thinking nation and a leader in exploring new industries.”
In addition to this, the finance minister expressed his belief in cryptocurrency and said it “has the potential to bring enormous benefits and business opportunities.”
Terrance stated, “I welcome the opportunity to continue the discussion, with a view to exploring future options to engage in bitcoin cash mining, and establishing BCH as legal tender here in St. Kitts and Nevis by March 2023, after the safety of our country and our people is guaranteed.”
Notably, following this decision, the nation may join the group of nations that have state support for using cryptocurrencies as a form of payment, like El Salvador and the Central African Republic. Apart from that the price of BCH may also increase.
What is Bitcoin Cash (BCH) ?
Bitcoin Cash (BCH) can be defined as a fork of Bitcoin. It is a variant or altcoin. Moreover, in 2018, it was divided into two cryptocurrencies: Bitcoin Cash and Bitcoin SV.
The main objective of BCH is to make transactions faster and more viable. As per Terrance, some local businessmen in Saint Kitts are already accepting Bitcoin cash. While writing this news piece, the current price of Bitcoin Cash was 104.97 US dollars.
- REX-Osprey Files For ADA, HYPE, XLM, SUI ETFs as Crypto ETF Frenzy Heats Up
- ChangeNOW’s Quiet Power Play in Helping Crypto Businesses
- Standard Chartered Sees Bitcoin Soaring to $200,000 by Year-End on ETF Boom
- Walmart’s OnePay App to add Bitcoin and Ethereum trading
- Tech Giant Samsung Taps Coinbase To Provide Crypto Access, Driving Adoption
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
