- Bahamas joins long list of countries to launch a CBDC project
- Bahamas’ Sand Dollar to be pegged to the Bahamian Dollar
Bahamas has just made it known that its central bank would be implementing the country’s own central bank digital currency (CBDC) known as the Sand Dollar.
The digital currency project was made known via an announcement on Facebook where it was made known that the currency would be attached to the national currency of the country, the Bahamian Dollar.
The virtual digital asset would also be made available to all of the residents of the country, meaning that the Caribbean country could be the pioneer country to fully integrate a digital national asset into its economic system.
The CBDC currency can be used to carry out transactions via a mobile phone at outlets that have an e-wallet that is approved by the Country’s central bank.
Like every other central bank digital currency project, the Bahamas Sand Dollar aims to complement the physical currency and also wants to aid the national acceptance of a currency that is used by the millennials today.
NZIA, a decentralized finance payment organization, partnered with the Bahamian Central Bank to launch the currency. The DeFi payment organization would also be acting as the technology solutions provider for the virtual currency. The transaction fees charged for the use of this digital currency is almost free.
Bahamas planned launch of CBDC for years
The Caribbean country had had plans to launch its CBDC project for years according to a report made available by CoinTelegraph.
The Sand dollars had been earlier issued to people who resided in the two islands of Exuma and Abaco in 2019
You will recall that the CBDC project is also ongoing in countries like Russia, Japan and China have also upped the ante in coming up with a digital currency that would be complementing the physical cash currencies in their country.
China, especially, has recorded a great success in its bid to make its digital currency widely acceptable.