The Bahamas will bring its digital currency to the international level
The Central Bank of the Bahamas said that after the launch of the national digital currency, its transactions will not be limited to the local level.
During a speech at the virtual presentation, Central Bank Assistant Manager for Electronic Solutions Bobby Chen said that the launch of the sand dollar should take place on October 20. Adding that initially it will only be used in the Bahamas, but the development team is already working on a system that will make it compatible with other world currencies.
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The head of the central bank’s banking department, Cleopatra Davis, also said that the digital currency will support work offline. According to her, residents will be able to make payment transactions even in the absence of electricity and a mobile network.
Six financial institutions were authorized to distribute the sand dollar on the islands.