St. Kitts and Nevis Might Make BCH Legal Tender In 2023
According to reports, St. Kitts and Nevis want to explore the chances of making Bitcoin Cash (BCH) legal tender in March 2023.
Terrance Drew, the country’s Prime Minister, made the statement at a Bitcoin Cash Conference, which took place this year. In addition, Drew noted that the country is also considering the mining of Bitcoin Cash.
St. Kitts and Nevis want to investigate the prospect of making BCH a legal tender. This is part of the country’s plan to integrate digital currencies into its national economy.
Also, this legalization might take place after the government has completed its investigation. During the speech, Drew said:
“I am ready to dialog on the plan of making BCH a legal tender in March 2023. We also consider mining activities for BCH in St. Kitts and Nevis.”
Meanwhile, Drew stated that the people knew the potential benefits of establishing crypto as a legally recognized payment method. He added that many companies on the island currently accept BCH as payment.
However, he noted that the country would only take this step after necessary considerations. First, the government would have to evaluate all consequences of taking such action.
This move, if successful, would be similar to that of El Salvador. The country made Bitcoin a legally recognized payment method in 2021.
Member Of Parliament Lists Benefits Of Making BCH Legal Tender
Meanwhile, Rolando Brison, a St. Maarten’s parliament member, commented on the recent development. Earlier in March, the MP stated that he would receive his salary in BCH.
He threw more light on the merits of making BCH a legal tender. According to Brison, doing so would make it easier to pay employees in BCH.
Brison also claimed that historical legal agreements are built with an official payment method. Therefore, such massive transactions could not be done with BCH if the cryptocurrency was not a legal tender.
Additionally, the parliamentary member noted that it would insulate BCH from capital gains tax. Furthermore, he argued that it would streamline the accounting paperwork and processes that crypto investors must follow.
However, Brison said this was the most effective means of obstructing the development of CBDCs. Since March, Brison has been an advocate for the crypto industry in his nation.
Also, he has been looking into the regulatory framework required to make BCH a legally recognized payment method.
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