Bahamas Head Closer to Digital National Currency

Bahamas Head Closer to Digital National Currency

The central bank of Bahamas is slowly bringing the project known as “Sand Dollar” to life.

A few months back, we first announced the news that the Bahamas was working its way towards creating a new digital currency. Well, it seems it isn’t letting up, and it is working ever closer to this project becoming a reality. Earlier today, in an article shared by local news authority, The Nassau Guardia, it reported they are set to sign a contract with executives of NZIA Ltd. who will then be in charge of the design and implementation of the Sand Dollar. If successful, the project will be the world’s first digital national currency.

Project Sand Dollar won’t be a cryptocurrency though, and will remain a form of fiat just that it will be completely digitised. The hope is that it will help both businesses and residents handle their day to day business via an “integrated and affordable electronic payment system” according to the bank. It comes as a response to the limited banking services available in the Family Islands, with the Sand Dollar give equal access to bank options and create a higher level of financial inclusion for residents across the areas.  

 A full roll-out of the new digital currency is expected by 2020 depending on the success of the upcoming pilot project.

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