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.