St Kitts and Nevis: Prime Minister of the Federation of St Kitts and Nevis – Dr Terrance Drew, has announced that there are possibilities that the twin-island nation may adopt Bitcoin Cash as the legal tender in the local financial space. This announcement was made by the PM during the Electronic Cash Conference 2022 on November 12, 2022.
The speech of the Prime Minister is:
It is an inescapable fact that this era is filled with a myriad of digital advances in all aspects of our lives. The Cryptocurrency Revolution is one such exciting digital advancement that has evolved in the world of finance. It has the potential to bring enormous benefits and business opportunities for the citizens and residents of countries worldwide. Many businesses here in St. Kitts & Nevis have already begun accepting payments in the Cryptocurrency, Bitcoin Cash. This is tangible evidence that awareness and confidence in cryptocurrencies among local consumers is on the rise.
Our Nation has always been forward thinking and a leader in exploring new industries which can advance our people. In furtherance of this national principle, our Government is serious about attracting innovative investors, modern industries, and promoting the longterm economic expansion and diversification of our economy.
With the use of crytocurrency in our country, particularly Bitcoin Cash, we are aware of the risk factors to be considered when contemplating national-level financial decisions. St. Kitts & Nevis acknowledges that there are numerous benefits to leveraging Bitcoin Cash and other cryptocurrencies to promote economic growth. We have even heard the calls to make Bitcoin Cash legal tender here. We have observed other cryptocurrencies being made legal tender in other countries.
We will explore the risks and rewards of making any cryptocurrency legal tender in St. Kitts-Nevis. However, it is imperative that before any major decision of that nature is made, our due diligence and vetting processes take precedence. I can confirm that we are prepared to explore that possibility with the guidance of professionals and after consultation with the Eastern Caribbean Central Bank. The financial and economic protection of our country’s industrious people is of the utmost importance.
I welcome the opportunity to dialogue further with a view to exploring future opportunities to engage in Bitcoin Cash mining and potentially making Bitcoin Cash legal tender in St. Kitts-Nevis by March 2023 once the safeguards to our country and people are guaranteed.