Around the New Year, we posted about the pilot program launched in the Bahamas for its central bank digital currency (CBDC), known as the Sand Dollar. It has apparently been successful because Bloomberg is reporting that the country will roll out the e-currency nationwide in October. Sand Dollar transfers are made by mobile phone. Each Sand Dollar is pegged to the Bahamian dollar, which is, in turn, pegged to the U.S. dollar. There are, currently…
Effective as of December 27, 2019, the Bahamas went live with its central bank digital currency (“CBDC” ) platform, known as the Sand Dollar. It will undergo a pilot phase testing in Exuma, which will be extended in the first half of 2020 to Abaco. According to the outline published by the Central Bank of the Bahamas, the Sand Dollar is a digital fiat currency, not a cryptocurrency: A digital fiat currency would not be…