BCH Crypto Will Be Legalized Next Year in the Island Nation Saint Kitts and Nevis
The Bitcoin Cash (BCH) cryptocurrency is set to become the official form of payment in the island nation of Saint Kitts and Nevis, located in the Caribbean. This BCH management process may take as long as March next year. Due to their flexible nature, cryptocurrencies make a popular choice to complement the role of legal tender in many countries. However, last September, the Central American nation of El Salvador accepted Bitcoin as legal tender.
Terrance Michael Drew, Premier of Saint Kitts and Nevis, confirmed the announcement at a recent BitcoinCash event.
In Drew’s opinion, cryptocurrencies represent “opportunities for the future”. Videos of his speech appeared on Twitter.
The Prime Minister of St. Kitts and Nevis :flag-kn: just announced that #BitcoinCash will become official tender in his country in March 2023. It is a big step for BCH as no nation can block the currencies of other nations. Mass consumption with amazing new applications follows. pic.twitter.com/WjnaZxGv50
— Kim Dotcom (@KimDotcom) October 13, 2022
At this point, the Bitcoin Cash cryptocurrency is trading at a price of $102 (roughly Rs. 8,400), according to crypto price tracker Gadgets 360.
BCH is a faster and more economical alternative to Bitcoin. In 2017, the developers of BCH changed the BTC code, releasing their version of the software that split Bitcoin into two blockchains: Bitcoin and Bitcoin Cash, and respectively, two assets – BTC / BCH.
Both BTC and BCH have a hard cap of 21 million coins, and both use a Proof-of-Work (PoW) consensus framework with nodes to verify transactions. Traders can consider BCH as a hedging tool that can protect them from financial risks.
Accepting cryptocurrencies as legal tender is not an initiative, supported or encouraged by the International Monetary Fund (IMF).
Earlier this year, the IMF said that due to Bitcoin’s price volatility, its use as legal tender involves significant risks to consumer protection, financial integrity, and financial stability.
Regardless of this type of skepticism from international financial institutions, a number of other nations, especially those that rely on foreign currency, consider the adoption of crypto as legal tender.
The Central African Republic, for example, followed El Salvador this year and legalized Bitcoin.
The nation’s President – Faustin-Archange Touadéra – said Bitcoin’s “disruptive power” will bring “long-term prosperity.”
