St. Kitts and Nevis will file a legal tender for Bitcoin Cash in 2023

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.
  • 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.

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