Central Bank of the Bahamas Unveils Digital 'Sand Dollar'

Date: 
08 Jan 2020
Source: 
Finextra

The Central Bank will introduce a digital version of the Bahamian dollar, starting with a pilot phase in Exuma in December 2019, and extending in the first half of 2020 to Abaco.

This initiative has acquired the name Project Sand Dollar, with the sand dollar also being the name assigned to the proposed central bank digital currency (CBDC). This is a continuation of the Bahamian Payments System Modernization Initiative (PSMI), which began in the early 2000s. The Bahamian PSMI targets improved outcomes for financial inclusion and access, making the domestic payments system more efficient and non-discriminatory in access to financial services.

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Type: 
General
Country: 
Bahamas