The Caribbean island nation – Saint Kitts and Nevis – plans to convert Bitcoin Cash (BCH) into an official payment method within its borders in March next year.
The announcement positively affected the price of the asset, which jumped above $100.
- The Prime Minister of St. Kitts and Nevis – Terrance Micheal Drew – has revealed that the government is ready to take part in mining Bitcoin Cash and submit a legal tender for assets on local land by March 2023.
- The leader said that cryptocurrency represents “future opportunities” and said that the initiative will begin once regulators ensure consumers have maximum protection.
Prime Minister of St. Kitts and Nevis Just announced it # Bitcoin Cash It will become legal tender in its own country in March 2023. A big step for the BCH as no country can ban other countries’ currencies. Next is mass adoption with cool new apps. pic.twitter.com/WjnaZxGv50
Kim Dotcom November 13, 2022
- BCH jumped to around $103 right after the speech and is still trading above $100. However, this is a far cry from the price levels in 2021 when it topped $1,500, and the all-time high in 2017 when it traded above $4,300.
- Bitcoin is the only digital asset currently serving as legal tender. The first country to adopt it was El Salvador in 2021.
- Central African Republic followed suit this year. The nation’s president — Faustin-Archange Touadéra — has claimed that the “disruptive power” of bitcoin will bring about “long-term prosperity.” He also urged people to understand the benefits of the asset as it can act as a lifeboat during ongoing negative economic times.
Featured image provided by World Nomads
St Kitts and Nevis post to legal tender for Bitcoin Cash in 2023 appeared first on CryptoPotato.