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Crypto News

Saint Kitts and Nevis to Make Bitcoin Cash Legal Tender in 2023

The island country located in the Caribbean region – Saint Kitts and Nevis – plans to turn Bitcoin Cash (BCH) into an official payment method inside its borders by March next year.

The announcement positively affected the asset’s price, which jumped above $100.

  • The Prime Minister of Saint Kitts and Nevis – Terrance Micheal Drew – disclosed that the government is willing to engage with Bitcoin Cash mining and make the asset legal tender on local soil by March 2023.
  • The leader opined that the cryptocurrency represents “future opportunities” and said the initiative will go live once regulators guarantee consumers will have maximum protection.
  • BCH jumped to around $103 immediately following the speech and still trades above $100. Still, this is far away from the 2021 price levels when it surpassed $1,500. The all-time high occurred in 2017 when it traded at over $4,300.
  • Bitcoin is the only digital asset that currently serves as legal tender. The first country to embrace it was El Salvador in 2021.
  • The Central African Republic followed suit this year. The President of the nation – Faustin-Archange Touadéra – argued that “bitcoin’s “disruptive power” will bring “long-term prosperity.” He also urged people to understand the benefits of the asset as it could serve as a lifeboat during the ongoing adverse economic times.

Featured Image Courtesy of World Nomads

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