The Central Bank of the Bahamas has added its own digital currency to the official annual balance sheet. The Central Bank issued the digital currency Sand Dollar for $48,000.
“The Bank conducted a pilot test of Sand Dollar in the Exum area and issued a digital currency worth $48,000. It was listed to several retail stores, ” the report says.
By issuing its own digital currency, the regulator of the Bahamas hopes to modernize the financial system of the region and convert the Bahamian dollar to digital form. It is expected that the official launch of the project will take place in the fourth quarter of this year. About 2,000 people took part in the Sand Dollar testing.
Earlier, the Chairman of the Central Bank of the Bahamas, John Rolle, announced the testing of the digital Bahamian dollar, the launch of which is scheduled for the second half of 2020. He said that the regulator is working hard on the project’s technological infrastructure, as well as issues related to regulation and cybersecurity.