Bahamas will issue first digital currency in 2020

The Central Bank of the Bahamas (CBOB) will sign an official agreement with transaction provider NZIA.io to build and implement the “Project Sand Dollar“, the first digital currency of the Bahamas.

The bank said that the “Project Sand Dollar” initiative will be an “integrated and affordable electronic payment system for all companies and residents.” Likewise, the project will comply with local financial regulations and aims to provide equitable access to electronic payments for the residents of that country.

It is expected to comply with local financial regulations and aims to provide equitable access to digital payments for the citizens of the country. The CBOB has not yet announced the first islands selected to pilot the project.

It is worth emphasizing that the president of the Central Bank of Germany, Deutsche Bundesbank, warned central banks at the time about the potential risks of issuing digital currencies.

However, the official explained that the adoption of digital money could potentially destabilize the financial system during periods of crisis.

L.Sáenz

Source: Bolsamanía