Bahamas' central bank digital currency currently makes up about 0.1% of the country's money supply, prompting the IMF to recommend that the Caribbean country accelerate its CBDC education campaign and expand its capacity.
PwC published its inaugural Global CBDC Index recently, measuring global central banks’ maturity level in deploying their own digital currency.
After the Bahamas, Jamaica would pilot test central bank digital currency. Roll-out expected in early 2022.
The Bahamas launched the Sand Dollar as it sought to insulate its financial system against the constant disruptions that occur whenever the country experiences a natural disaster.
The Central Bank of the Bahamas has developed the Sand Dollar to be transferrable via mobile phones, making it easy to use for the residents.
Officials at the Central Bank of the Bahamas are looking at integrating the Sand Dollar into the global financial system.
The Bahamas, a country of 400,000 people, has been pilot testing its digital currency—the Sand Dollar—since December 2019.
There was $48,000 worth of its central bank digital currency, the Sand Dollar, in circulation, according to the Bahamas central bank.
Bahamas started developing the Sand Dollar after the 2019 hurricane, seeking to "full-proof" its financial system against such destruction in the future.
A former AG with the Caribbean island of Anguilla has urged Bahamas to step up its efforts in implementing a digital currency or risk losing to its neighbors.
Crypto YouTubers ended the year on a sour note, clashing with the video-sharing platform as South Korea, China and Bahamas advanced their CBDC projects.