Prime Minister of St. Kitts and Nevis allows legalization of Bitcoin Cash
Cryptocurrency Bitcoin Cash may become legal tender in St. Kitts and Nevis. This was announced by the Prime Minister of the state in the Caribbean, Terrence Drew, at the Bitcoin Cash 2022 conference, writes CoinDesk.
He said legalization of the digital asset in the country could take place as early as March 2023. Drew - who is also St. Kitts and Nevis' finance minister - announced consultations with experts and the Eastern Caribbean Central Bank.
"Our nation has always been a visionary leader in exploring new industries," he said.
According to the prime minister, the cryptocurrency revolution could bring "tremendous benefits and opportunities for business."
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If the initiative is approved, St. Kitts and Nevis will become the third country to recognize cryptocurrency as legal tender. El Salvador and the Central African Republic previously did so, legalizing bitcoin.
Differences between Bitcoin and Bitcoin Cash
First and foremost, the currencies differ in transaction fees and commissions.
- Bitcoin checks 3-7 transactions per second worth $5-50 each.
- Bitcoin Cash checks 100 transactions per second at a minimum cost of a few cents.
Bitcoin is often positioned as digital gold, and Bitcoin Cash supporters criticize this approach while promoting their currency. They make the following argument on their website: the global cash currency market is valued at $100 trillion and the global gold market at $10 trillion. Since the cash market is 10 times larger than the gold market, Bitcoin Cash not only has a more reliable use but also "more growth potential."
Bcash enthusiasts also emphasize that of the 3 trillion annual global transactions, 75% are in cash, only 13% are in credit and debit cards, and 12% are in "other." These figures, they argue, underscore that due to low fees and accelerated processing times, BCH is more suitable for everyday mass use.