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 NZIA.io (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.
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