The Prime Minister of the dual island of St. Kitts and Nevis, Terrance Micheal Drew, has announced that the country will start accepting Bitcoin Cash as legal tender by March next year. The Prime Minister announced this during the Bitcoin Cash 2022 Conference.
Bitcoin Cash to be accepted as legal tender in Caribbean island
This development was shared by Kim Dotcom, a German-Finnish internet entrepreneur. While speaking on Twitter, the entrepreneur said that the move would be big for Bitcoin Cash, given that every country has the power to use any currency within its jurisdiction. The entrepreneur added that the move would trigger the mass adoption of Bitcoin Cash.
Drew is also the finance minister on this island, and he has added that the move would be realized after ample research was conducted. The country would also collect views on the matter from specialists while consulting with the Eastern Caribbean Central Bank.
This decision shows a massive adoption of cryptocurrencies globally. Last year, El Salvador became the first country globally to accept Bitcoin as legal tender amid the World Bank and the International Monetary Fund (IMF) warnings about how this move would risk financial stability. The Central African Republic became the second country to accept BTC as a legal tender.
Bitcoin Cash is a fork of Bitcoin. The tcoin was created in 2017 to make transactions easy and faster. The adoption of Bitcoin Cash as legal tender by this Caribbean Island has sparked debate over why the country did not choose Bitcoin, given that the latter is widely known.
The finance minister has shown enthusiasm for bringing cryptocurrencies to daily commodities, adding that the country welcomed an opportunity for dialogue. He further said that the country would embark on other opportunities within the Bitcoin Cash ecosystem, such as mining and ensuring that BCH becomes legal tender. However, this move would only happen if there were safeguards for the people and the country.
Despite Bitcoin being adopted by two countries as legal tender, this has not prevented the coin from feeling the pressure of the bear market. Bitcoin has plunged by over 70% since reaching an all-time high in November last year. El Salvador’s Bitcoin reserve is currently at a loss after the massive price plunge.
Bitcoin Cash price action
The Bitcoin Cash community is optimistic that having the coin as legal tender will boost the adoption of the coin. The move could see an influx in the number of investors rushing to have BCH in their portfolio.
However, the recent news has not saved the coin from the ongoing bearish sentiment across the broader cryptocurrency market. At the time of writing, BCH was trading at $104 after dropping by more than 10% in the last week. Bitcoin Cash is also up by 1.3% in the last 24 hours. The coin has made significant weekly losses amid the bearish sentiment in the broader market.
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