BAHAMAS WILL BE THE FIRST TO LAUNCH A NATIONAL DIGITAL CURRENCY

Posted 30 September, 2020

According to the official statement of the regulator: "Beginning October 20, 2020, the Central Bank will gradually release a digital version of the Bahamian dollar nationally outside the pilot regions of Exuma and Abaco, through Authorized Financial Institutions (AFI)."

 

It turns out that the Bahamas is leading the race for national digital currencies and overtaking China. Regulators are planning a "gradual national release" in two phases, making Sand Dollar the world's first retail CBDC.

 

In the first stage, private financial institutions, banks and credit unions will have access to digital currency, which will ensure compliance with the KYC requirements for personal and corporate Sand Dollar wallets. 

 

The second phase is slated for early 2021 and should provide the basic infrastructure for the CBDC.

 

A number of organizations that intend to integrate Sand Dollar have already begun developing and testing their mobile wallets.

 

The Central Bank stressed the fact the CBDC will not be completely anonymous. 

 

The Bahamian digital dollar has been successfully tested on the islands, and is intended to simplify settlements within the island nation. The proposed system will allow transactions via a mobile device without an Internet connection. The Sand Dollar is pegged to the regular Bahamian dollar in a 1: 1 ratio.

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