St. Kitts and Nevis are among the list of nations that are growing eager to welcome cryptocurrencies. The country situated in the Caribbean is taking a great amount of interest in the adoption of Bitcoin Cash (BCH).
BCH to become a Legal Tender
The plans of St. Kitts and Nevis are not only to welcome cryptocurrencies, especially, Bitcoin Cash, but they also want to legalize BCH. The country aims to include Bitcoin Cash as a legal tender.
The Government of St. Kitts and Nevis has been going through all the possibilities of exploring the crypto industry. Most importantly, they want to explore Bitcoin Cash and want to declare it a legal tender in the country.
The country is eager to make crypto a part of its economy. Terrance Drew, the Prime Minister of St. Kitts and Nevis made the announcement about the country’s participation in the crypto industry.
Terrance Drew was among the personalities who were present at the Bitcoin Cash 2022 Conference. The particular conference had taken place on November 12 and revealed what the country’s intentions are.
The Country Wants to Explore Crypto
At the conference, Terrance Drew welcomed the firms and individuals from the crypto-verse. He welcomed them all to help their government understand cryptocurrencies and explore different sectors.
The country is eager to gain as much knowledge of the crypto industry as possible. He also stated that they want to safeguard the interests of their citizens so they want to have a strong infrastructure built around crypto.
He added that their aim is to make cryptocurrencies a part of their economy. However, they want to achieve one milestone at a time. For now, their goal is to explore and understand Bitcoin Cash.
Terrance Drew stated that they want to know more about the opportunities of mining Bitcoin Cash. They are also eager to add BCH as a legal tender, which they want to achieve by 2023.
Drew was very confident when stating that they will have BCH added as a legal tender by March 2023.
Significance of BCH in the Country
It is worth clarifying that St. Kitts and Nevis is not new to Bitcoin Cash. Digital asset is already being used as a payment method in the country.
Now, the country wants to take Bitcoin Cash’s adoption to the next level. Once that happens, every sector in the country would have to adopt and offer BCH to the locals like they offer the Eastern Caribbean dollar.
With BCH being adopted as a legal tender, its utility would boost tremendously in the country. This would boost the trading price of BCH.
At the time of publication, BCH stands at $104.07 after experiencing a 5.55% surge in the past 24 hours. The analysts expect that by the end of Q1 2023, BCH’s price would be doubled.