The Bahamas Introduces The Digital Version Of The Bahamian Dollar

The Central Bank of the Bahamas introduces the digital version of the Bahamian dollar in the Exuma district tomorrow on December 27 so let’s find out more about it in the coming altcoin news.

According to the official press release, the Central Bank of the Bahamas will launch its digital currency pilot tomorrow and will extend further in the first half of 2020 to Abaco, which is a group of islands and barrier cays that lays in the northern Bahamas. The Bahamas introduces a digital currency that is developed under the initiative called Project Sand Dollar and will be the first official digital currency. The goal is to allow for further access to financial services which will be more efficient and non-discriminatory.

The digital currency is being developed under the auspices of the Project Sand Dollar and will be Bahama’s first digital fiat currency. This currency is expected to be accompanied by an associated digital wallet and a card that will have all the identical information. In a document that outlines how the initiative will operate, the CBOB explained that the new cryptocurrency will ‘’reduce the ill effects of cash usage.’’ According to the Bahamas authorities, the so-called sand dollar will also ‘’effectively strengthen national defenses against money laundering, terrorist financing and other illicit abuses of the financial system.’’ A spokesperson of the central bank added:

 “Cash usage also imposes physical security risks on businesses and creates more exposure to fraudulent losses relative to electronic point of sales transactions. As it relates to physical safety, a widely adopted CBDC would also place users at less risk of violent crimes that target holders of cash, and potentially reduce security and insurance costs associated with keeping cash on business premises.”

Back in October the Governor of the Central Bank of Bahamas John Rolle, explained during a speech at the Counselors Limited’s Exuma Business Outlook at the Sandals Emerald Bay, that the small island nation’s digital currency will have the ability to free the country from dependence on cash which will be very useful if a natural disaster happens. He explained:

 “It would permit wireless restoration of payments connectivity, avoiding the cash shipment and cash handling frustrations. It would permit electronic dispersing of aid and allow families to recapture personal dignity by restoring the flexibility to prioritize the elements of personal need that they prefer to satisfy post-disasters.”