The Caribbean nation of St. Kitts & Nevis will be able to introduce Bitcoin Cash as legal tender by March 2023. Prime Minister Terrance Drew made the announcement while speaking at the BitcoinCash2022 Conference in St. Kitts on November 12.
St. Kitts & Nevis is a member of the Eastern Caribbean Central Bank (ECCB) and part of the ECCB’s digital currency (CBDC) initiative, launched in March 2019. “Our nation has always been a forward-thinking nation. .and leadership in exploring new technologies that can advance 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 in consultation with our local banking system. […] I welcome the opportunity to talk about looking to explore other opportunities, future opportunities, and participating in Bitcoin Cash mining and legal Bitcoin Cash issuance. to St. Kitts and Nevis before March 2023, protection to our country and our people. approved.”
Bitcoin Cash was created from Bitcoin in 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 MP 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 that ‘we are not able to monitor and introduce and promote and protect something like this. .’ […] If they can’t manage the financial sector properly […] Why am I giving them so much power now to do something they don’t know? […] A legislator is someone who has the power to make laws.”
Then the Prime Minister of St. Kitts and Nevis announced that #BitcoinCash it will be legal in its country before March 2023. This is a big deal for BCH because no nation can cancel other nations’ money. Mass use and amazing new apps are behind it. pic.twitter.com/WjnaZxGv50
— Kim Dotcom (@KimDotcom) November 13, 2022