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You can now pay with Bitcoin Cash in this Caribbean paradise

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Prime Minister Terrance Michael Drew of the double island of St Kitts and Nevis has announced that the country will begin accepting Bitcoin Cash as legal tender by March next year. The Prime Minister announced this at the Bitcoin He Cash 2022 conference.

Bitcoin Cash Recognized as Legal Tender on Caribbean Island

The development was shared by German-Finnish internet entrepreneur Kim Dotcom. Speaking on Twitter, the entrepreneur said the move would be big for Bitcoin Cash given that every country has the power to use any currency within its jurisdiction. The entrepreneur added that the move would trigger mass adoption of Bitcoin Cash.

Drew is also the island’s finance minister, and he added that the move would come into effect after a thorough investigation has been carried out. We will be collecting opinions.

This decision marks the massive adoption of cryptocurrencies around the world. Last year, El Salvador became the first country in the world to accept Bitcoin as legal tender, amid warnings from the World Bank and International Monetary Fund (IMF) about how the move could jeopardize financial stability. Central African Republic became her second country to accept BTC as legal tender.

Bitcoin Cash is a fork of Bitcoin. tcoin was created in 2017 to make transactions easy and fast. The Caribbean island’s adoption of Bitcoin Cash as its legal tender has sparked debate as to why the country did not choose Bitcoin, given its widespread popularity.

The finance minister has shown enthusiasm for bringing cryptocurrencies into commodities and added that the country welcomes the opportunity for dialogue. and other opportunities within the Bitcoin Cash ecosystem.

Despite Bitcoin’s adoption as legal tender in two countries, this has not prevented the coin from feeling bear market pressures. Bitcoin has plunged more than 70% since hitting an all-time high in November last year. El Salvador’s bitcoin reserves are currently suffering losses due to a large price plunge.

Bitcoin cash price movement

The Bitcoin Cash community is optimistic that holding the coin as fiat currency will encourage adoption of the coin. The move could lead to a surge in the number of investors rushing to get BCH into their portfolios.

However, recent news has not saved the coin from ongoing bearish sentiment across the broader cryptocurrency market. was Bitcoin Cash is also up 1.3% in the last 24 hours. The coin has seen sizeable weekly losses amid bearish sentiment in the broader market.

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You can now pay with Bitcoin Cash in this Caribbean paradise

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