The Bahamas will launch a digital Central Bank ‘Sand Dollar’ in October

CoinTelegraph

The Bahamas is gunning to become the first country in the world to roll-out a state-backed virtual currency nationwide, and has announced it will launch a central bank-issued cryptocurrency during October.

The assistant manager of eSolutions at the Central Bank of The Bahamas, Chaozhen Chen, told Bloomberg that the digital currency, dubbed ‘Sand Dollars’, is intended to drive greater financial inclusion among the remote islands within the archipelago nation.

How To Get Free Crypto  

“A lot of residents in those more remote islands don’t have access to digital payment infrastructure or banking infrastructure. We really had to customize the effort and the solution to what we need as a sovereign nation.”

Sand Dollar transfers are made by mobile phone, with roughly 90% of the Bahamian population using mobile phones as of 2017.

Chen noted that the central bank digital currency (CBDC) will be subject to the same regulations as the Bahama dollar, with anti-money laundering and know-your-customer protections surrounding the creation of accounts to use the virtual currency.

New digital dollars will be created as demand grows, with the CBDC exclusively issued alongside the retirement of Bahamian dollars to mitigate potential impacts on monetary supply.

The Central Bank of the Bahamas first announced its desire to pilot a CBDC in June 2018, noting that many smaller islands had seen “commercial banks downsize and pull out of their communities, leaving them without banking services.”

Coinbase Banner  

The government launched the ‘Project Sand Dollar’ pilot last year, trialing its CBDC on the small islands of Exuma and Abaco — representing populations of just 7,314 and 17,224 respectively.

Each Sand Dollar is pegged to the Bahamian dollar, which is in turn pegged to the U.S. dollar. While only 48,000 Sand Dollars were issued in the pilot, the project was hailed as a success.

Go to Source
Author: Samuel Haig


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.