Central Bank Sand Dollarsinclaircoindesk

The sand dollar is the first ever nationwide central bank digital currency in the world.

Central bank sand dollarsinclaircoindesk. According to the central bank four money transmission businesses three payment service providers and one commercial bank have been on boarded as sand dollar authorized financial institutions afis. As the central bank of the bahamas cbob prepares to roll out the nation s first digital currency next week bank officials said yesterday that they are already looking toward the next step of making the sand dollar interoperable with other global currencies. The central bank of the bahamas today launched its own blockchain based central bank digital currency cbdc making it one of the first countries in the world to do so.

As a pilot location exuma is a smaller version of the bahamas. The central bank of the bahamas is pleased to announce the selection of nzia limited as the preferred technology solutions provider to design and implement the digital fiat currency system for the bahamas. What is project sand dollar.

While a number of countries. Called sand dollars the tokens are cryptographic representations of the bahamian dollar minted and regulated by the nation s central bank that are integrated with the caribbean island nation s payments networks. The so called sand dollar pegged to the bahamian dollar which is pegged to the usd is now available to all 393 000 bahamian residents.

After launching a pilot on exuma late last year cbob then introduced the. Project sand dollar is the initiative embarked by central bank of the bahamas to issue its own digital version of the bahamian dollar as well as implement the appropriate digital payments system infrastructure to sufficiently underpin the operation of a digital currency ecosystem. The central bank of the bahamas has officially launched its national digital currency.

The central bank of the bahamas has become the latest national financial institution to launch a state backed digital currency. Project sand dollar is the official name for this payments system modernisation initiative. The sand dollar initiative has already been piloted in exuma and abaco.