The island nation located in the Caribbean – Saint Kitts and Nevis – plans to turn Bitcoin Cash (BCH) into an official payment method within its borders by March next year.
The announcement positively influenced the asset’s price, which jumped above $100.
- The Prime Minister of Saint Kitts and Nevis – Terrance Micheal Drew – announced that the government is willing to engage in 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 would take effect once regulators guarantee consumers will have maximum protection.
The Prime Minister of St. Kitts and Nevis 🇳🇰 just announced it #BitcoinCash will become legal tender in his country by March 2023. A big step for BCH as no nation can ban the currencies of other nations. Mass use with great new apps is next. pic.twitter.com/WjnaZxGv50
— Kim Dotcom (@KimDotcom) November 13, 2022
- BCH jumped to around $103 immediately after the speech and is still trading above $100. Still, it’s a far cry from the 2021 price levels when it topped $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 adopt 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 can act as a lifeboat serve during the ongoing adverse economic times.
Featured image courtesy of World Nomads
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