In his remarks on November 12 at the Bitcoin Cash 2022 conference in St. Kitts, Prime Minister Terrance Drew said that by March 2023, St. Kitts and Nevis in the Caribbean could formally recognise Bitcoin Cash (BCH) as legal cash.
As a participant in the Eastern Caribbean Central Bank’s (ECCB) DCash central bank digital currency (CBDC) programme, St. Kitts and Nevis joined the ECCB in March 2019.
According to the Prime Minister, they are willing to investigate the idea of designating Bitcoin cash as legal tender under the direction of specialists and experts and after consulting our local financial system. Additionally, he stated that he is willing to start mining Bitcoin Cash.
“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.”
The adoption of the DCash initiative has been hampered by technical issues. The Caribbean country might be considering DCash’s replacement in addition to adding fresh competition. Rolando Brison, a legislator from Sint Maarten, spoke after Drew and backed Bitcoin Cash while opposing a CBDC.
Brison has resisted the concept of establishing a CBDC since the Caribbean central bank has acknowledged that it is unable to “monitor, engage, promote, and safeguard ” something like a digital fiat currency. As a legislator, he is hesitant to let the central bank handle such a ‘huge mandate’ because the central bank cannot even control the banking industry effectively.