Cryptocurrency
The Bahamas Will Launch a Digital Currency Pilot Tomorrow
As Coindesk reports, “The Bahamas’ digital currency pilot project goes live in Exuma on Friday. “Residents of the island Exuma can enroll in the Central Bank of The Bahamas’ ‘Project Sand Dollar,’ beginning December 27, 2019. They will receive mobile wallets that the Bahamamian government sees as facilitating the future of payments on the island […]
As Coindesk reports, “The Bahamas’ digital currency pilot project goes live in Exuma on Friday.
“Residents of the island Exuma can enroll in the Central Bank of The Bahamas’ ‘Project Sand Dollar,’ beginning December 27, 2019. They will receive mobile wallets that the Bahamamian government sees as facilitating the future of payments on the island chain. Central bankers announced the debut on Christmas Eve.
“Bankers insisted that ‘Sand Dollar’ is a ‘digital fiat currency’ – not a cryptocurrency, stablecoin or competitor to the Bahamian Dollar. Instead, it is simply a digital version ‘equivalent in every respect to the paper currency,’ they said in the project outline.
“But it is also a step toward the Bahamas’ long-term goal of launching a fully-fledged central bank digital currency (CBDC). Also called the sand dollar, that larger project would link domestic residents and businesses across a seamless digital payment infrastructure.
“In this vision, residents can pay retailers through wallet-linked QR codes, with banks moving funds in digital form. The Central Bank believes this could ultimately cut currency printing costs and transaction fees while enhancing financial inclusion…”