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So-called “sand dollar“ to be released as a CBDC in the Bahamas this year

 
So-called “sand dollar“ to be released as a CBDC in the Bahamas this year
Breaking News / Crypto Market
  • Even though China has been developing its digital currency backed by the state of this past year, the Bahamas looks like they are going to become the first country in the world to actually release one. 
  • They recently announced that it would launch a central-bank digital currency in October this year.

Even though China has been developing its digital currency backed by the state of this past year, the Bahamas looks like they are going to become the first country in the world to actually release one. They recently announced that it would launch a central-bank digital currency in October this year.

Chaozhen Chen, the assistant manager of eSolutions at the central bank in the country spoke to Bloomberg where he said that the so-called “sand dollars“ will be intended to push for greater financial inclusion in remote islands within the nation.

He further went on to say:

“A lot of residents in those more remote islands don’t have access to digital payment infrastructure or banking infrastructure. We really had to customize the effort and the solution to what we need as a sovereign nation.”

According to the report, these “sand dollars” transactions will be made on the mobile phone.

The assistant manager further went on to highlight that this CBDC will be subject to the same regulations as the Bahamas dollar. Know your customer and anti-money laundering cautions will be put into place surrounding the creation of the use of this Cryptocurrency. Demand for CBDC seems to be growing in many countries all around the world. The announcement at the Bahamas would release their own digital assets has almost come from nowhere but everyone assuming that China would be the first country to the punch.


It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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