Bahamas already has its own digital currency
The Central Bank of the region launched its own cbdc called Sand Dollar, which will have the same value as the Bahamian dollar
This week, the Central Bank of the Bahamas launched its own digital currency, known as the Sand Dollar, which maintains its parity with the Bahamian dollar.
The financial institution seeks with this to “promote a more inclusive access to regulated payments and other financial services for communities and socioeconomic groups with insufficient services.”
Sand Dollar is already integrated into the payment network of the Caribbean nation, so its possibilities of use within the country are almost similar to those of the traditional physical currency.
To make use of this digital asset, you only need a wallet that can be configured from any smartphone, both iOS and Android.
The implementation of Sand Dollars does not imply increasing the monetary base in the Bahamas. As explained by Chaozhen Chen, deputy director of eSolutions at the Central Bank, digital currency will only be minted as demand increases and paper money is withdrawn from the system. In this sense, Sand Dollars are simply a way of representing fiat money issued by the state monetary authority.
K. Tovar
Source: Criptotendencia
