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The Caribbean nation of St. Kitts and Nevis could soon be joining the short but growing list of countries that are opting to adopt crypto as legal tender. In fact, the country may declare Bitcoin Cash (BCH)legal tender as early as March 2023.
This was confirmed by Prime Minister Terrance Drew in his speech at the Bitcoin Cash 2022 conference in St. Kitts on November 12, Cointelegraph reported. As a member of the Eastern Caribbean Central Bank, St. Kitts and Nevis also participated in the ECCB’s DCash central bank digital currency (CBDC) program launched in March 2019.
“I can confirm that we are prepared to explore that possibility with the guidance of experts and professionals and after consultation with our regional banking system. […] I welcome the opportunity to dialog 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,” Prime Minister Terrance Drew said.
However, ECCB’s DCashp program ran into technical problems that prevented its adoption. St. Kitts and Nevis appears to be eyeing its replacement such as Bitcoin Cash (BCH).
Rolando Brison, a Sint Maarten Member of Parliament who spoke after Drew, expressed his opposition to a CBDC while supporting BCH. Bitcoin Cash is a spin-off crypto created from Bitcoin in a 2017 fork.
“I love the fact that in our jurisdiction, the central bank has at least been open enough to say and admit, ‘We don’t have the capability to monitor and engage and promote and safeguard something like this.’ […] If they can’t properly regulate the banking sector, […] why would I give them now a huge mandate to do something that they have no idea about? […] The legislator should be the one to have a say on what happens in regulation,” Brison said.
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