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.
The Central Bank of the Bahamas is moving up plans to release their own digital currency as part of their bid to keep the country's economy moving forward.
Led by its Chairman Xi Jinping, China is all in on blockchain as Bahamas explores CBDC. Regulators are also stepping up their game as blockchain makes its mark
Sand Dollar is an initiative to tokenize the Central Bank Digital Currency (CBOB)’s digital fiat currency as a central bank digital currency.
The bank is preparing to enter into a deal for the development of the new currency system as part of a scheme dubbed “Project Sand Dollar.”