Mastercard has signed an agreement under which it will issue a debit card with support for the state digital currency of the Bahamas – the Sand Dollar.
In addition to the Central Bank of the Bahamas, the Island Pay payment service will participate in the issue of the plastic card. Residents of the Bahamas will be able to pay for goods and services using the national cryptocurrency-the conversion to fiat money will take place automatically.
According to Raj Dhamodharan, Mastercard’s executive vice president of digital assets and blockchain products, the payment giant is happy to create new opportunities related to new forms of payments for states.
“This partnership is an example of how the private and public sectors can rethink new opportunities while still maintaining a high level of consumer protection and regulatory compliance,” Dhamodharan said.
Earlier, Mastercard announced that this year, users of the company’s services will have access to cryptocurrencies. It seems that the support for Sand Dollar has become part of this initiative.
Recall that the launch of the national currency of the Bahamas took place in October 2020. The cryptocurrency is pegged to the local fiat currency – the Bahamian dollar – in a ratio of 1:1.