Oct 21, 2020 05:15 UTC
Oct 21, 2020 at 05:15 UTC
This makes The Bahamas one of the 1st countries in the world to formally presentation the central bank digital currency outside an experimental program. The Central Bank of the Bahamas has proclaimed the country’s ‘Sand Dollar’ — a state-backed computer-generated currency — is now obtainable nationwide.
Rendering to an October 20 Facebook post from Project Sand Dollar, the central bank digital currency became obtainable to all 393,000 inhabitants of The Bahamas from unevenly 10:00 PM UTC. This makes The Bahamas the 1st country in the world to formally reel out a CBDC.
China is now testing an experimental program for its numerical yuan with a $1.5M bargain, and Cambodia’s ‘Bakong’ digital currency is predictable to become working in the coming months next its pilot presentation in July 2019.
Sand Dollar transmissions are complete by mobile phone, with unevenly 90% of the Bahamian populace using mobile phones as of 2017.
Rendering to the Sand Dollar website, residents of The Bahamas can usage the digital currency at any mercantile ‘with a Central Bank approved e-Wallet on their mobile device’ and transaction fees are ‘negligible.’ The central bank designated transaction breadwinner NZIA as its technology answers breadwinner for the rollout of the digital currency.
The central bank of the Bahamas has been arranging for the introduction of the CBDC for a few years. In 2019, it ongoing a pilot program by 48,000 digital Sand Dollars on the islands of Exuma & Abaco, which have a joint population of fewer than 25,000 people. All Sand Dollar is attached to the Bahamian dollar, which is in go attached to the U.S. dollar.
The Sand Dollar is envisioned to energy better financial presence within the archipelago nation of more than 700 islands, around 30 of which are occupied. Cointelegraph reported in Sept that Chaozhen Chen, the associate manager of eSolutions at the Central Bank of The Bahamas, saYS the CBDC would aid provide ‘access to digital payment infrastructure or banking infrastructure’ for underbanked & unbanked residents.