- The Bahamas is finally launching their Central Bank Digital Currency, and it is called the Sand Dollar
The Central Bank of the Bahamas has announced that their blockchain-based Central Bank Digital Currency (CBDC) is officially launching as of today, 27 December, and it will be called the Sand Dollar. This new CBDC will begin in a pilot phase in Exuma, with the pilot expected to last through the first half of 2020.
The Sand Dollar will be pegged 1:1 to the Bahamian Dollar (BSD), and the BSD itself is pegged 1:1 with the USD. Therefore, the Sand Dollar is a blockchain-based stablecoin that is interchangeable with the BSD and the USD.
The Bahamian government says they are launching the Sand Dollar to improve financial inclusion and access and to make domestic payments more efficient and non-discriminatory.
As the pilot phase of the Sand Dollar progresses, the Bahamian government plans on promoting a new regulatory framework for digital currency and to strengthen consumer protection. Once regulations are ready the Sand Dollar will become available across the Bahamas for banks, individuals, and corporations.
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