Sand Dollar

2020: Announcement of digital currency from the Central Bank of the Bahamas

At the end of August 2020, it became known that [[Central Bank of the Bahamas' Central Bank of the Bahamas islands]] issued a digital currency and added it to the official annual balance sheet. In general, the issue of the digital currency Sand Dollar is estimated at $48 000.

The bank conducted a pilot test of the Sand Dollar cryptocurrency in the Exuma archipelago and issued a digital currency worth $48 000 to transfer to several retail stores, the report says.

The Central Bank of the Bahamas has issued a digital currency

The Sand Dollar project is featured prominently in The Block's new report on central bank digital currencies. According to researchers, the Sand Dollar project is now available both in the Exuma region and on the Abaco Islands. The development and implementation of the Sand Dollar ecosystem also involves the technology service provider NZIA Limited, which closely cooperates with the Central Bank of the Bahamas.

By issuing its own digital currency, the Bahamas regulator hopes to modernize the region's financial system and digitize the Bahamian dollar. Activities of the Sand Dollar project falls under the Bahamas Payment System Modernization Initiative islands, and ongoing reforms should clear the way for implementation CBDC. It is expected that the official launch of the project will take place already in IV The 2020 quarter. About 2 took part in the Sand Dollar testing 000 people.

Central Bank responsible for issuing Sand Dollar, monitoring holdings, sponsoring KYC infrastructure and maintaining a register of all cryptocurrency in circulation. Licensed Financial intermediaries, including credit unions, MTB, banks and PSP, sponsor creating wallets for mobile payments. Meanwhile, the regulator intensively develops the technological infrastructure of the project, as well as regulatory and cybersecurity issues.^[1]

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