Bahamas Central Bank Set to Launch “Project Sand Dollar” State Digital Currency

written by

Bahamas Central Bank Set to Launch "Project Sand Dollar" State Digital Currency

Support free journalists: > send a tip

The Central Bank of Bahamas has announced that its main partners are to help Bahamas launch a state digital currency under Project Sand Dollar, according to an official statement.

The project will aim at providing equal access to digital payments capabilities while reducing the number of cash transactions and lowering service delivery cost. It is expected that after the successful implementation of the system, operational efficiency will be improved and communities across the Bahamas will be integrated into the financial system.

According to the statement, the Bahamas central bank will join hands with (transaction provider) and Zynesis (software firm providing blockchain solutions based in Singapore). The scope of the collaboration and other details will be finalized soon.

The said digital fiat currency will be subject to the country’s regulatory guidelines, including the draft regulatory Central Bank of the Bahamas Bill 2019.

Bahamas’ regulatory framework is looking to include policies against terrorist financing and money laundering. Furthermore, the virtual currency’s complementary status with respect to traditional banking will be defined.

In June 2018, the Central Bank of Bahamas unveiled its plan to launch a state-owned digital currency for the first time. As the majority of commercial banks have downsized and left local communities without banking services, a virtual currency was deemed inevitable.


Follow on Twitter: @bitcoinnewscom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy:

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


Join our Newsletter


Latest on Bitcoin News

Video of the Week

Join our Newsletter