Next month The Central Bank of The Bahamas is preparing to start a national cryptocurrency beyond its whole archipelago.
The Bahamas is trying to be the leading country in the world to roll out a state-backed virtual currency national and has stated it will start a central bank-issued cryptocurrency in October.
Chaozhen Chen, who is the assistant manager of eSolutions at the Central Bank of The Bahamas told that the digital currency, called “Sand Dollars,” is expected to make greater financial addition with the distant islands within the archipelago nation.
“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.”
Transfers of Sand Dollar are done by mobile phone, with nearly 90% of the Bahamian people using mobile phones as of 2017.
Chen was telling that the central bank digital currency, or CBDC, will be topic to the related regulations as the Bahama dollar, with anti-money laundering and Know Your Customer protections surrounding the work of accounts to use the virtual currency.
New digital dollars will be built as the market grows, with the CBDC exclusively published alongside the retirement of Bahamian dollars to relieve possible impacts on monetary supply.
The Central Bank of the Bahamas first published its wish to pilot a CBDC in June 2018, telling that several tinier islands had seen “commercial banks downsize and pull out of their communities, leaving them without banking services.”
The “Project Sand Dollar” was started last year by the government, trialing its CBDC on the tiny islands of Exuma and Abaco — representing populations of just 7,314 and 17,224, respectively.
Each Sand Dollar is tightened to the Bahamian dollar, which is, in turn, secured to the U.S. dollar. While just 48,000 Sand Dollars appeared in the pilot, the project was recognized as a success.
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