The Caribbean island nation of Saint Kitts and Nevis plans to convert Bitcoin Cash (BCH) into an official payment method within its borders by March next year.

The announcement positively affected the price of Bitcoin Cash, which jumped above $100.

Terrance Micheal Drew, the Prime Minister of Saint Kitts and Nevis, has revealed that the government is ready to handle bitcoin mining and legal tender for it on local land by March 2023.

The prime minister sees cryptocurrency as a future opportunity and said the initiative will begin once regulators ensure consumers have maximum protection.

After the announcement, BCH jumped to around $107 right after the speech and is still trading above $100.

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However, this is a long way from the price levels of 2021 when Bitcoin Cash crossed $1,500.

Bitcoin Cash price reached an all-time high in 2017 when the coin was trading at over $4,300.

Bitcoin is the only digital asset that currently functions as legal tender.

The first country to embrace Bitcoin was El Salvador in 2021.

The Central African Republic followed suit this year.

The nation’s president, Faustin Arching Touadera, has argued that the strength of Bitcoin will bring long-term prosperity.

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He also urged people to understand the benefits of cryptocurrencies as they can act as a lifeboat during ongoing negative economic times.

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