It was made by Prime Minister Terrance Drew of Saint Kitts and Nevis as part of the Bitcoin Cash 2022 conference held in New York, declaring that Bitcoin Cash mining activities will be investigated as well.
Bitcoin Cash may become legal tender in St Kitts and Nevis next year
St Kitts and Nevis government declares Bitcoin Cash as part of legal tender of the process of introducing cryptocurrencies into the economies of countries exploring the possibilities. The announcement was made by Prime Minister Terrance Drew at the Bitcoin Cash 2022 conference on November 12th.
By March 2023, explore opportunities for Bitcoin Cash mining, with a view to making Bitcoin Cash legal tender in St Kitts and Nevis, and further dialogue once protections for the state and citizens are guaranteed. welcome the opportunity to
Drew explained that his country recognizes the potential benefits that adopting cryptocurrencies as legal tender can bring, and many companies on the island have already It said it is accepting Bitcoin Cash as a payment method. However, he clarified that the move can only be made after considering all the material aspects of such an effort and following due diligence.
The move follows the steps of countries such as El Salvador, which declared Bitcoin legal tender in June 2021.
Benefits of Making Bitcoin Cash Fiat
St. We have described the benefits that declaring may bring to the country. Bryson, who announced in March that he would receive his full paycheck in Bitcoin Cash, said making Bitcoin Cash a legal tender would simplify the process of collecting paychecks in the cryptocurrency.
Bryson also noted that traditional legal contracts are based on fiat currency, so without fiat status, it would be impossible to complete such a large-scale transaction with bitcoin cash. It also ostensibly exempts Bitcoin cash holdings from capital gains tax and simplifies accounting paperwork and procedures for cryptocurrency holders. Finally, Bryson said this is the best way to counter the central bank digital currency (CBDC) trend that many governments are currently exploring.
Brisson is a cryptocurrency advocate in his country and has been considering regulation to make Bitcoin his cash legal tender since March.
Image Credits: Shutterstock, Pixabay, Wiki Commons