The Caribbean island of St. Kitts and Nevis to adopt Bitcoin Cash as legal tender in March 2023 | Media Pyro

by Media Pyro | Posted on

[ad_1]

The Caribbean nation of St Kitts and Nevis may introduce Bitcoin Cash (BCH) legal tender by March 2023. Prime Minister Terrance Drew made the announcement while speaking at the Bitcoin Cash conference. 2022 in St. Kitts on November 12.

St. Kitts and Nevis is a member of the Eastern Caribbean Central Bank and part of the ECCB’s digital currency project (CBDC), which was launched in March 2019. in the exploration of new technologies that enable progress of our people,” Drew said, but added:

“I can confirm that we are ready to investigate that risk with the guidance of experts and professionals and after consultation with our local banking system. […] I appreciate the opportunity to talk about looking to explore future opportunities to get involved in Bitcoin Cash mining and Bitcoin Cash monetization here in St. Louis. Kitts and Nevis before March 2023, when protection for our country and our people is complete.

Bitcoin Cash was created from Bitcoin (BTC) in spring 2017. The DCash project had technical problems that prevented adoption. In addition to introducing new competition to DCash, the Caribbean is looking to replace it. Sint Maarten Member of Parliament Rolando Brison spoke after Drew and expressed his support for Bitcoin Cash and his opposition to the CBDC.

Related: Bitcoin think tank: Ditch CBDCs and look at BTC and stablecoins

Brison opposed the CBDC as “too bad to think about.” He said:

“I like the fact that in our jurisdiction, the central bank has been open to say and admit, ‘We are not able to monitor and introduce and promote and protect something like this. .’ […] If they cannot manage the financial sector properly, […] Why am I giving them so much power now to do something they don’t know? […] The legislator is the person who has to talk about what happens in the laws.”