Caribbean nation St. Kitts and Nevis may adopt Bitcoin Cash as legal tender by March 2023

The Caribbean nation of St. Kitts and Nevis could declare Bitcoin Money (BCH) authorized tender by March 2023. Prime Minister Terrance Drew made that announcement whereas he spoke on the Bitcoin Money 2022 convention in St. Kitts on Nov. 12.

St. Kitts and Nevis is a member of the Japanese Caribbean Central Financial institution and a part of the ECCB’s DCash central financial institution digital foreign money (CBDC) program, which was launched in March 2019. “Our nation has all the time been a forward-thinking nation and a frontrunner in exploring new applied sciences that may advance our folks,” Drew stated, however he added:

“I can verify that we’re ready to discover that risk with the steering of specialists and professionals and after session with our regional banking system. […] I welcome the chance to dialog additional with a view to exploring future alternatives to have interaction in Bitcoin Money mining and making Bitcoin Money authorized tender right here in St. Kitts and Nevis by March 2023, as soon as safeguards to our nation and our persons are assured.”

Bitcoin Money was created from Bitcoin (BTC) in a 2017 fork. The DCash program has had technical issues which have impeded adoption. In addition to introducing new competitors to DCash, the Caribbean nation could also be eyeing its alternative. Sint Maarten Member of Parliament Rolando Brison spoke after Drew and expressed his assist for Bitcoin Money and his opposition to a CBDC.

Associated: Bitcoin suppose tank: Reject CBDCs and look to BTC and stablecoins as an alternative

Brison opposed CBDC as “an excessive amount of of a hazard to contemplate.” He stated:

“I like the truth that in our jurisdiction, the central financial institution has no less than been open sufficient to say and admit, ‘We don’t have the aptitude to watch and interact and promote and safeguard one thing like this.’ […] If they’ll’t correctly regulate the banking sector, […] why would I give them now an enormous mandate to do one thing that they do not know about? […] The legislator ought to be the one to have a say on what occurs in regulation.”

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