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Caribbean Nation St. Kitts May Legalise Bitcoin Cash in 2023

Cointime Staff· 2 min read

St. Kitts’ prime minister said the country is exploring the possibility of legalising and mining Bitcoin Cash (BCH) by March 2023.

Saint Kitts and Nevis, islands in the Caribbean, are mulling over the potential of legalising cryptocurrency, according to a recent statement by the prime minister, Terrance Drew. Opposed to crypto-friendly countries like El Salvador, St. Kitts wants to adopt Bitcoin Cash (BCH), a fork of bitcoin (BTC).

St. Kitts May Legalise and Mine Bitcoin Cash by 2023

Drew said he’s open to further discussing the prospect of making Bitcoin Cash legal in the country by March 2023. Additionally, the nation will explore other opportunities with Bitcoin Cash in areas like mining. Drew believes cryptocurrency “has the potential to bring enormous benefits and business opportunities.”

Meanwhile, the decision would remain subject to due diligence and consultations with relevant financial authorities. Per the prime minister, St. Kitts will proceed with its Bitcoin Cash plans next March “once safeguards to our country and our people are guaranteed.”

More Nations Gradually Embracing Crypto

St. Kitts’ plans paint a growing interest in cryptocurrency by some governments of member states in the Caribbean. In October, another country in the Caribbean, the Commonwealth of Dominica, legalised Tron-based cryptocurrencies as official digital currencies in the nation. Under a partnership agreement, the government adopted the Tron network as part of its national blockchain infrastructure, with plans to issue a fan token, Dominica Coin (DMC).

In September 2021, El Salvador became the first-ever country to adopt cryptocurrency, particularly bitcoin, as a legal tender. The nation also holds about 2,381 bitcoin in its treasury. Although the country’s Bitcoin decision was met with criticism by financial experts, including the International Monetary Fund (IMF), El Salvador has since remained committed to its crypto stance.

Bitcoin also became the official currency of the Central African Republic (CAR) in April 2022, the first in Africa. This is on track with a prediction by El Salvador president, Nayib Bukele, that two countries will adopt Bitcoin as legal tender in 2022.

(By Ibiam Wayas)


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