Bitcoin Cash Adoption As Legal Tender In The News
The announcement of St. Kitts & Nevis Prime Minister Dr. Terrance Micheal Drew of exploring Bitcoin Cash as legal tender made everyone jubilant in the Bitcoin Cash 2022 Conference hall, as well as the audience of the live stream at Roger Ver's YouTube account.
“I welcome the opportunity to dialogue further, with a view to exploring future opportunities to engage in bitcoin cash mining, and making bitcoin cash legal tender here in St. Kitts and Nevis by March 2023, once safeguards to our country and our people are guaranteed.”
PM of St. Kitts & Nevis, Dr. Terrance Drew
The legal tender announcement signifies a giant leap forward for cryptocurrencies in terms of acceptance as a modern method of exchange, and a store of value, recognizing both these money properties in Bitcoin Cash.
Moreover, the earlier announcement by Sint Maarten's member of the parliament, Rolando Brison is of equal weight since he is also planning a formal proposal to his parliament to make Bitcoin Cash legal tender in the Caribbean island nation.
The news spread with plenty of crypto and mainstream media announcing the event.
The reception and reporting of the news were positive from all of the top crypto and mainstream websites, with many praising Bitcoin Cash for the adoption initiatives in the Caribbean.
Certainly, legal tender is big news. Let's take a peek at some of the headlines.
BTC was the first cryptocurrency to receive legal tender recognition in El Salvador, although the approach of Bitcoin Cash is different.
St. Kitts and Sint Maarten will force mandatory acceptance but will promote voluntary merchant adoption and acceptance.
Crypto is freedom. It does not enable enforcement or control, a practice utilized by Central Banks and financial authorities.
Coindesk reported the news with an overall positive stance.
We can still expand further and analyze the permissionless priorities of BCH and its performance as permissionless P2P Electronic Cash.
Various mainstream publications republished the Coindesk article:
More mainstream news covered the legal tender announcement with Coin Edition and Investing.com sharing the Bitcoin Cash adoption news with their audience.
The Coin Edition article shared with Investing.com mentioned Bitcoin Cash proponent Kim Dotcom who announced on Twitter the Bitcoin Cash news.
Cointelegraph reported the news of Bitcoin Cash adoption and gave more details regarding the competition Bitcoin Cash will present in the region against the CBDC DCash the Eastern Caribbean Central Bank developed. Moreover, Cointelegraph mentioned how this CBDC faced a series of technical problems faced immediately after its launch. Bitcoin Cash as a decentralized cryptocurrency with no central authority outperforms any CBDC.
It was an excellent report of Bitcoin Cash news by Cointelegraph. Hopefully, there will be similar coverage in the future as some rather significant development advancements will take place with the May 2023 network upgrade (Cash Tokens).
Forbes India covered the news, quoting important parts of Terrance Micheal Drew's speech at the Bitcoin Cash 2022 Conference.
Also mentioned was the adoption race in Sint Maarten and the suggestions and analysis Rolando Brison presented at the conference.
Coinmarketcap also presented the Bitcoin Cash legal tender news and Tweeted the link to the Alexandria blog it hosts to its five million followers.
El Salvador’s groundbreaking, year-old Bitcoin Law is widely unpopular, with a recent poll finding that two-thirds of Salvadorans believe it has failed — making it the most unpopular policy of President Nayib Bukele. (CoinMarketCap)
Again it is important to mention that Bitcoin Cash adoption will not be mandatory. El Salvador is an example to avoid since enforcement is against the basic principles of permissionless blockchains.
The Bitcoin Cash community and userbase promote the voluntary adoption of cryptocurrency, and any legal tender legislation will only confirm and recognize Bitcoin Cash but not enforce it.
Even Bitcoin Law supporters have said it may have been rushed out too quickly, with little public education about benefits, particularly when it comes to making remittances far faster and virtually free.
Another mistake in the Lightning Network adoption in El Salvador is the Strike and Chivo custodial domination of LN transactions . Two custodial wallets acting as financial hubs centralizing the procedure. Merchants are forced to accept LN-Bitcoin with custodial wallets operated by a central authority.
With Bitcoin Cash, transactions are permissionless, there is no trusted third-parties and no centralized authorities to censor a transaction.
Apparently any legal tender legislation will not include completely anonymous transactions, and limitations with KYC-AML procedures will apply in terms of payments exceeding a established (but probably significant) amount.
The article by Sergio Goschenko covers the significant announcement by the St. Kitts PM and the progress as a legal tender in Sint Maarten as described by parliament member Rolando Brison.
Most crypto-related websites covered the Bitcoin Cash legal tender announcement by the Prime Minister of St. Kitts:
Bitcoin Cash presents a reliable, decentralized, robust, and permissionless P2P network of payments.
A fast payment method with low fees offering immutable transactions with no financial authority in control.
By removing the middleman (trusted processors and third parties), Bitcoin Cash reduces the overall transactional cost.
The competition is CBDCs, a digital fiat currency option with censoring features, and a central authority monitoring and controlling transactions and funds.
CBDCs represent the complete antithesis of peer-to-peer Electronic Cash
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