A Bitcoin-like currency is a next frontier in the Immediate Edge revolution, and the Bahamas is setting the stage for that evolution. The country’s GDP is $12 billion, and the per capita income is one of the highest in the Americas. With an estimated 90% penetration rate of mobile devices, the country is a high-income and well-off place to introduce a CBDC. As an ally of emerging markets and digital finance, the Bahamas has a unique position to be the first to embrace this new form of money.
In 2018, the Bahamas began exploring the digital currency space. With the blockchain and decentralized networks, the country aims to launch its national e-currency, called the Sand Dollar. The central bank collaborates with six licensed money-transfer firms to develop the Sand Dollar. The currency will then be available to individuals and businesses through an app, and three others are currently under review.
The Bahamas is launching a national cryptocurrency
The Bahamas has launched a pilot program for a digital currency in the new year, and it seems to be a success. The central bank plans to roll out the national cryptocurrency, known as the Sand Dollar, across the island chain in October. As of today, only 48,000 Sand Dollars are in circulation. As demand increases, new ones will be issued. However, the new virtual currency has similar rules and regulations as traditional bank accounts. The new coins have anti-money-laundering and know-your-client safeguards like traditional banking.
The Bahamas is a small country exploring the idea of a national digital currency since 2016. The island country is poised to beat China in launching a national e-currency. The Central Bank of the Bahamas’ technology partner is local payment solution company NZIA Limited. And a report published recently by The Block highlights the Sand Dollar project as one of the most promising projects in central bank digital currencies.
The Bahamas Central Bank is planning to launch a national cryptocurrency in October. The virtual coin, known as the Sand Dollar, will be valued 1:1 with the regular Bahamian dollar. The country will be issuing 48,000 of the new currency by October and will continue to do so after the physical Bahamian dollar is withdrawn. It will be a huge leap in the digital economy for the Bahamas.
The blockchain technology used to launch CBDC in the Bahamas is one of the world’s most advanced. The Bahamian central bank planned to launch the Sand Dollar in October 2020. The Sand Dollar will allow citizens to store and use the currency through an approved e-wallet. The central bank expects around 20,000 people to use the new currency pegged to the Bahamian dollar.
The Bahamas has been one of the first countries to create a national digital currency, the Sand Dollar. The country aims to become the first country to issue a state-backed digital currency. The Bahamas is also one of the few countries globally to have a fully-functioning blockchain, which has been used since 2004. The country is currently awaiting the outcome of the Sand Dollar project.
The Bahamian Central Bank has begun a pilot program for its CBDC. The virtual currency, known as Sand Dollar, is backed by the Bahamian dollar. It will be a fully digital currency that will be a 1:1 replica of the Bahamian dollar. They will roll out the digital currency throughout the islands in the coming months. It is already in the pilot phase, but the central bank has reportedly issued $48,000 worth of Sand Dollars.
Final Words
The Bahamas is on the cusp of a global cryptocurrency revolution. As a member of the Global Payments Forum, the Bahamas’ Sand Dollar will be the first national digital currency globally. You can use it for making crypto transactions as crypto transactions are not easy to understand.It will be available in October 2020 and can be stored in a central bank-approved e-wallet. The country’s population is underserved in some ways, and it would benefit from the development of this kind of virtual currency.
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