Prime Minister Phillip Davis unveiled a white paper that charts out his plans for the digital asset future of the island, which he wants to make it the leader in the Caribbean.
The PwC Global CBDC Index placed Nigeria and the Bahamas at the top of the retail CBDC developments, with Thailand and Hong Kong leading the wholesale sector.
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.
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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.