After El Salvador and the Central African Republic, the small Caribbean island of Saint Kitts and Nevis could be the third nation in the world to make a cryptocurrency its official currency. However, the country does not plan to adopt Bitcoin (BTC) as legal tender, but rather Bitcoin Cash (BCH). The information came from the Prime Minister (PM) of São Cristóvão, Terrance Drew, who is also the country’s Finance Minister. At a conference, Drew revealed his plan to propose BCH as legal tender in the country. According to the PM, the new law should reach Congress by March 2023. Drew also stated during the conference that the country is not in a hurry to take major measures. Before implementing its law, St. Kitts will consult with the Central Bank of the Eastern Caribbean and economic experts. “Our nation has always been a forward-thinking nation and a leader in exploring new industries,” said Drew. Furthermore, the finance minister expressed his belief in cryptocurrencies and said that they “have the potential to bring enormous benefits and business opportunities”.
Saint Kitts and Nevis embracing BCH?
In this sense, the PM is right, as the country is one of the most attractive destinations for those looking to emigrate. São Cristóvão has a citizenship sale program that attracts millionaires from all over the world in search of a second passport. If the country adopts a cryptocurrency as legal tender, the tendency is for market enthusiasts to turn their eyes to the island. Therefore, Drew said that São Cristóvão also wants to create laws to encourage BCH companies, especially mining companies, to go to the country. “I welcome the opportunity to continue the discussion, with a view to exploring future options to engage in BTC mining and establish BCH as legal tender here in St. Kitts and Nevis by March 2023 after the safety of our country and our people is secured,” added the PM. If the law actually goes forward, the nation could join the group of nations that have state support for the use of cryptocurrencies as a form of payment, such as El Salvador and the Central African Republic. In addition to these countries, the city of Lugano (Switzerland) also uses BTC and the stablecoin USDT as official means of payment. At the same time, the price of BCH may also increase if a country adopts it as its official currency. Speaking of price, BCH has been up 2% in the last 24 hours, with a unit worth R$555.78.
What is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is perhaps the most famous cryptocurrency to come from a direct division of the Bitcoin (BTC) network. It emerged in August 2017 as a result of the split caused by the Block War, which gave birth to SegWit on BTC and also BCH. In 2018, BCH suffered a new split and from this came another “fake Bitcoin”, Bitcoin Satoshi Vision (BSV). As a result, BCH lost relevance in the community. The main purpose of BCH is to make transactions faster and more viable. According to Drew, some local businesses in Saint Kitts are already accepting BCH as a means of payment. Therefore, this should accelerate an adoption of cryptocurrency as a national currency.