Bitcoin Cash Could Be Legal Tender in St. Kitts by March, Prime Minister Says
The Caribbean nation could join El Salvador and the Central African Republic in backing crypto.
Bitcoin Cash (BCH) could be legal tender in Saint Kitts and Nevis by next March, its prime minister said at a conference on Saturday.
Terrance Drew, who is also finance minister of the Caribbean country, said the decision would follow a process of due diligence and consultation with experts and the Eastern Caribbean Central Bank.
“Our nation has always been forward thinking nation and a leader in exploring new industries,” Terrance told the event, a recording of which has been posted online, adding that the crypto revolution “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.
A statement by the government cited issues of financial safety and security of citizens as needing to be ironed out.
The island chain would join countries such as El Salvador and the Central African Republic that have state backing for using crypto as a means of payment.
Bitcoin Cash is a fork of Bitcoin, which split in 2017 with the aim of making transactions faster and easier, and is, Terrance said, already in practice being accepted by some local businesses.