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St. Kitts and Nevis follow El Salvador's footsteps to adopt Bitcoin Cash as a legal tender by March 2023

Notably, St. Kitts and Nevis has one of the highest rates of crypto adoption per capita

Shashank Bhardwaj
Published: Nov 16, 2022 07:11:34 PM IST

St. Kitts and Nevis follow El Salvador's footsteps to adopt Bitcoin Cash as a legal tender by March 2023Image: Shutterstock

St. Kitts and Nevis, a Caribbean island, may make Bitcoin Cash legal tender by March of next year. Terrance Drew, the Caribbean country's Prime Minister as well as Finance Minister, announced this on November 12 at the Bitcoin Cash 2022 conference in St. Kitts. He stated that the decision would be made after careful consideration and consultation with experts and the Eastern Caribbean Central Bank. According to him,

"Our nation has always been forward thinking nation and a leader in exploring new industries."

The move is significant beyond the island nation's borders because countries cannot declare another country's currency illegal. This means that Bitcoin Cash could soon enjoy some of the benefits of a national currency. He was clear, however, that this move could only be made after considering all of the important aspects of such an endeavour and complying with due diligence. The move would follow in the footsteps of countries such as El Salvador, which declared Bitcoin a legal tender in June 2021.

Drew further added,

"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."

It is worth noting here that St. Kitts and Nevis is a member of the Eastern Caribbean Central Bank. It is also a participant in the ECCB's DCash central bank digital currency (CBDC) programme. This programme was launched in March 2019. Notably, Bitcoin Cash was forked from Bitcoin in 2017. The DCash programme has had technical issues that have slowed adoption. St Kitts and Nevis has one of the highest rates of crypto adoption per capita. The nation has nearly 200 merchants and four ATMs spread across a population of around 50,000 people.

Rolando Brison, a Member of Parliament from St. Maarten, spoke after Drew. He expressed his support for Bitcoin Cash while opposing a CBDC. Brison stated that making Bitcoin Cash a legal tender would simplify the procedures for collecting salary in that crypto. Earlier in March, he said that he intended to receive his entire salary in Bitcoin Cash.

Shashank is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist.

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