Bahamas to Launch National Digital Currency in October
The Central Bank of the Bahamas will release its own Sand Dollar digital currency next month.
According to Bloomberg, immediately after the issue, the Central Bank will start distributing sand dollars among individuals and legal entities. They will be issued as required and only instead of physical banknotes withdrawn from circulation.
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The developers have adapted the system to the geographic features of the country, including the ability to make mobile payments offline to make it accessible and convenient even for residents of the remote islands of the archipelago.
During project testing in December 2019, the Central Bank of the Bahamas issued 48,000 sand dollars backed 1: 1 by the local currency (the Bahamian dollar).
CBBO began to form the regulatory framework and technical infrastructure from the beginning of this year.