Central Bank Sand Dollarsinclaircoindesk

According to the central bank four money transmission businesses three payment service providers and one commercial bank have been on boarded as sand dollar authorized financial institutions afis.

Central bank sand dollarsinclaircoindesk. The central bank of the bahamas has officially launched its national digital currency. The sand dollar initiative has already been piloted in exuma and abaco. 20 making bahamas the first country to roll out a central bank digital currency cbdc nationwide.

After launching a pilot on exuma late last year cbob then introduced the. The sand dollar was made available to the entire population of the country of around 393 000 on oct. What is project sand dollar.

The central bank of the bahamas has become the latest national financial institution to launch a state backed digital currency. While a number of countries. As the central bank of the bahamas cbob prepares to roll out the nation s first digital currency next week bank officials said yesterday that they are already looking toward the next step of making the sand dollar interoperable with other global currencies.

Project sand dollar is the official name for this payments system modernisation initiative. The first of its kind in the world to have been fully deployed the sand dollar is a digital version of the. Project sand dollar is the initiative embarked by central bank of the bahamas to issue its own digital version of the bahamian dollar as well as implement the appropriate digital payments system infrastructure to sufficiently underpin the operation of a digital currency ecosystem.

Called sand dollars the tokens are cryptographic representations of the bahamian dollar minted and regulated by the nation s central bank that are integrated with the caribbean island nation s payments networks. The central bank of the bahamas today launched its own blockchain based central bank digital currency cbdc making it one of the first countries in the world to do so. As a pilot location exuma is a smaller version of the bahamas.