It seems like a Country in the Caribbean is following the footsteps of El Salvador. It is known that in 2021, El Salvador became the first country to accept Bitcoin as legal tender and allow consumers to use the cryptocurrency in all transactions, alongside the US dollar.
Now Saint Kitts and Nevis, Country in the Caribbean, is also planning to make Bitcoin cash legal tender. Country’s Prime Minister, Terrance Michael Drew, said that Saint Kitts and Nevis will engage with Bitcoin Cash mining and make Bitcoin legal tender by March 2023. After the following announcement, the price of most-traded cryptocurrency noted the jump above $100.
What Does The Prime Minister Say?
Terrance Michael Drew is the fourth and current prime minister of Saint Kitts and Nevis. He was elected to the National Assembly in the 5 August 2022 general election.
Mr. Drew said that “Our nation has always been a forward thinking nation and a leader in exploring new industries. I can confirm that we are prepared to explore that possibility with the guidance of experts and professionals and after consultation with our regional banking system. […] I welcome the opportunity to dialog further with a view to exploring future opportunities to engage in Bitcoin Cash mining and making Bitcoin Cash legal tender here in St. Kitts and Nevis by March 2023, once safeguards to our country and our people are guaranteed.”
Moreover, Rolando Brison, a Member of Parliament from St. Maarten, also said after Drew that he supported Bitcoin Cash while opposing a CBDC.
He disclosed that the government is willing to engage with Bitcoin Cash mining and make the asset legal tender on local soil by March 2023. He expressed that the cryptocurrency represents “future opportunities” and this initiative will go live once regulators guarantee consumers will have maximum protection.
Bitcoin Cash Price
Bitcoin Cash spiked to around $103 immediately following the speech and trades above $100 after the announcement. But, somewhere it is quite away from the 2021 price levels when BCH surpassed $1,500. It’s all-time high occurred in 2017 when it traded at over $4,300.
However, the current Bitcoin Cash price is $104.29 USD with a 24-hour trading volume of $307.01 Million USD. Bitcoin Cash is down 1.90% in the last 24 hours. Its current CoinMarketCap ranking is 27, with a live market cap of $2 Billion USD.
Additionally, the Central African Republic, one of the world’s poorest countries, approved Bitcoin as legal tender this year, and became the second country to do so. The Country’s President, Faustin-Archange Touadéra, argued that “bitcoin’s “disruptive power” will bring “long-term prosperity.” He further recommended people to understand the benefits of the asset.