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.
The Prime Minister of St. Kitts and Nevis just announced that #BitcoinCash will become legal tender in his country by March 2023. A big step for BCH as no nation can outlaw the currencies of other nations. Mass utilization with amazing new apps is next. pic.twitter.com/WjnaZxGv50
— Kim Dotcom (@KimDotcom) November 13, 2022
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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