St.Kitts and Nevis Plans To Adopt Bitcoin Cash as Legal Tender

• Prime Minister Terrance Drew on November 12 during the Bitcoin Cash 2022 conference.
• A fork occurred in the Bitcoin network in 2017, producing Bitcoin Cash.

By March of 2023, the Caribbean country of St. Kitts and Nevis may adopt Bitcoin Cash as legal cash. That was announced by Prime Minister Terrance Drew on November 12 during the Bitcoin Cash 2022 conference in St. Kitts.

DCash is the central bank digital currency (CBDC) initiative of the Eastern Caribbean Central Bank (ECCB), which was introduced in March 2019. St. Kitts and Nevis is a member of the ECCB. “Our nation has always been a forward-thinking nation and a leader in exploring new technologies that can advance our people,” Drew said.

Disapproval Over CBDC

A fork occurred in the Bitcoin network in 2017, producing Bitcoin Cash. Technical issues with the DCash scheme have slowed its uptake. The Caribbean country may be looking to replace DCash, in addition to introducing new competitors. After Drew, Sint Maarten parliament member Rolando Brison took the mic to voice his support of Bitcoin Cash and his disapproval of a CBDC.

Brison stated:

 “I love the fact that in our jurisdiction, the central bank has at least been open enough to say and admit, ‘We don’t have the capability to monitor and engage and promote and safeguard something like this.’ […] If they can’t properly regulate the banking sector, […] why would I give them now a huge mandate to do something that they have no idea about? […] The legislator should be the one to have a say on what happens in regulation.”

As soon as the speech ended, BCH soared to roughly $103, and it has remained over $100 ever since. However, this is still much below the 2021 high of about $1,500. In 2017, it reached an all-time high of almost $4,300.

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