The Caribbean nation of St. Kitts and Nevis has disclosed that it could adopt Bitcoin Cash (BCH) as a legal tender by March 2023.
St. Kitts and Nevis May Soon Adopt BCH
The country’s prime minister and finance minister, Terrance Drew, announced the development during the Electronic Cash Conference last weekend.
“I welcome the opportunity to dialogue 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,” he said.
Drew added that the development has the potential to attract many benefits and business opportunities as the country looks to explore new industries.
Bitcoin Cash is a Bitcoin fork created in 2017 to make transactions easier and faster. BCH is the 27th largest crypto asset in the world, with a market cap of nearly $2 billion.
The cryptocurrency is already being used by some businesses in SKN but Drew said that the government was conducting due diligence to ensure the financial safety of citizens. The country is joining forces with the Eastern Caribbean Central Bank to check for any loopholes before making any significant conclusions.
More Countries Adopt Crypto
St. Kitts and Nevis is about to join a growing list of countries recognising crypto as legal tender, with El Salvador leading the way.
El Salvador became the first country to adopt Bitcoin in September 2021. The nation is also developing different bitcoin-related projects, including Bitcoin Bond and Bitcoin Beach.
The Central African Republic (CAR) followed suit in April, adopting Bitcoin too. The country went further to launch the Sango blockchain, a Bitcoin sidechain that will be the foundation for the country’s digitisation and digital monetary system.
According to the Sango blockchain whitepaper, users can deposit Bitcoin to mint Sango Bitcoin (sBTC), a wrapped version of Bitcoin. sBTC can be traded for SANGO, the native currency used for transactions on the country’s crypto platform.
（By William A. Frederick）