Business

Dennis Wafula

Local startups at the forefront of Bahamian “Project Sand Dollar”

Jay Joe, CEO of NZIALimited, recently emphasized Bahamian entrepreneurs and local tech startups as the spearhead of Project Sand Dollar. Sand Dollar is an initiative to tokenize the Central Bank Digital Currency (CBOB)’s digital fiat currency as a central bank digital currency.

In his report, dated May 31, Joe said:

“We are going to build the backend and we will open up the front end to allow local entrepreneurs, tech startups, whomever to be able to build new products and create new services around CBDC. We feel that this is going to be a key aspect of really making this thing become a real, living, breathing thing that people engage in.”

The processes to install the right infrastructure for the Central Bank Digital Currency (CBOB) are already in progress. If everything goes according to plan, it is expected that the digital currency will be fully rolled out in Bahamian district of Exuma before end of the year.

The project aims to demonstrate how the Central Bank Digital Currency (CBDC) can empower true financial inclusion not just with large established global companies but with startups as well. To make this a reality, they are providing opportunities for local banks, Bahamian small and medium-sized enterprises, as well as entrepreneurs to create new products and solutions while focusing on CBDC. The ultimate effect will be to foster increased use of digital currency and overall economic growth.

NZIA seeks to build the local community as opposed to the many other CBDC projects in the world that focus on global achievements right from the start. The goal of Project Sand Dollar is to build the necessary infrastructurethat will foster local economic development and growth in the long-term.

By implementing the right infrastructure, startups and entrepreneurs will be able to identify creative ideas to function in their specific markets. Focusing on a “people first attitude” is an important aspect of the success of the project objectives. The concept of wanting to build everything at once may hinder success as it limits creativity, as highlighted by CEO Joe during an official signing ceremony at CBOB.

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