The Bahamas will launch its own digital currency – Andrey Costello

The Central Bank of the Bahamas is planning to start a rollout of its new digital currency in Exuma region called Project Sand Dollar.

The Bahamas Central Bank (CBOB) plans to introduce a digital version of the Bahamian dollar in the Exuma region. According to the official press release, the country’s main financial institution launched its pilot digital currency project (CBDC) on 27 December.

In the first half of 2020, it will be extended to Abaco, a group of islands and barrier reefs in the Northern Bahamas. The digital currency is being developed under the Project Sand Dollar initiative and will be the first digital currency within the state.

In a document describing the principle of the initiative, representatives of the central bank explained that the digital currency can “reduce the harmful effects of using cash”.

According to the CBOB management, the Sand Dollar project will also “effectively strengthen the system of protection against money laundering, prevent the financing of terrorism and other illegal abuses of the financial system.

“A widely adopted CBDC would place users at less risk of violent crimes that target holders of cash, and potentially reduce security and insurance costs associated with keeping cash on business premises”.

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