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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.
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).
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.
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