Terrance Drew, Prime Minister of the Caribbean country Saint Kitts and Nevis, recently stated at the “2022 Bitcoin Cash Conference” held in the country that he planned to convert Bitcoin Cash (Bitcoin) by March 2023. Cash, BCH) is recognized as the country’s legal tender.

Saint Kitts and Nevis is a member of the Eastern Caribbean Central Bank and a participant in the "DCash Central Bank Digital Currency Initiative" launched by the central bank in March 2019.

Terrance Drew said, “Our country has always been a forward-thinking country, taking a leadership role in exploring new technologies that benefit our people,” and disclosed, “One thing I can confirm is that we are ready to work with the guidance of experts. , and following consultation with our regional banking system, I would welcome the opportunity for further dialogue regarding St. Kitts and Nevis engaging in Bitcoin Cash mining and allowing Bitcoin Cash to be mined by March 2023. The possibility of becoming legal tender."

The Eastern Caribbean Central Bank’s DCash project was previously rumored to be hampered in actual adoption due to technical issues, which may be why the Caribbean country is trying to find alternatives to DCash.

St. Kitts and Nevis MP Rolando Brison also spoke out to express his support for Bitcoin Cash and his opposition to central bank digital currencies. Rolando Brison’s reason for opposing central bank digital currency is that “it is a big risk that must be considered.” “I am very happy to see that at least in our jurisdiction, the central bank is willing to admit that ‘we do not have the ability to supervise, participate, Promote and protect something like this (central bank digital currency)." Brison also mentioned that if even the central bank can't properly regulate the banking industry, "Why would I give them huge powers to do something they don't understand at all? ?”

Indeed, the banking sector in the Caribbean is currently in dire straits, with the region's 35 countries facing challenges common to many smaller economies, such as dollarization and reliance on foreign trade and remittances. In addition, a widespread practice known as "de-risking" the banking industry is causing heavy losses in the region.

The Financial Action Task Force (FATF) regularly lists countries that are subject to special monitoring for money laundering or other illegal activities. As of June, four countries in the region were on the so-called gray list, but the list appears to give the entire The area has been cast into a shadow. Therefore, additional due diligence is required when large international banks provide services such as settlement to smaller local banks in these countries through a process known as correspondent relationships.​

The additional due diligence drives up the cost of doing business for international banks, so banks often choose to work less with banks in gray list countries rather than pay the increased costs. The decision, known as de-risking, resulted in some Caribbean countries losing 50% of their agency relationships, with serious consequences for their economies and societies.

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