The Central Bank of the Bahamas will open access to the global community to its digital currency
The Central Bank of the Bahamas intends to unveil its digital currency next week, writes Nassau Guardian. According to the regulator, not only residents of the archipelago, but also international users will be able to interact with Sand Dollar.
Bobby Chen, Assistant Governor of the Central Bank for Electronic Solutions, spoke at a virtual presentation for businesses ahead of the release of digital currency, which is scheduled for October 20.
“In the near future, the Sand Dollar will only be used domestically, but in the future we intend to develop a solution that will make it compatible with other world currencies,” he announced.
The Central Bank also said that six local financial institutions will be involved in the distribution of Sand Dollar..
“This is a critical moment, as Hurricane Dorian has already demonstrated. How will we continue to carry out transactions if we have no electricity, no mobile communications? This is a key component, a key strategy built into the Sand Dollar platform, “said Cleopatra Davis, Head of Banking..
The Sand Dollar is pegged to the regular Bahamian dollar at a rate of 1 to 1. This, in turn, is pegged to the US dollar. The release of new Sand Dollars will be carried out according to the demand of the archipelago residents. Digital currency accounts will have the same requirements as traditional bank accounts, including anti-money laundering and user identification.
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