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Expanding internationally: the Bahamas CBDC project looks to function on a global scale

 
Expanding internationally: the Bahamas CBDC project looks to function on a global scale
Breaking News / Crypto Market

Quick take

1 minute read

  • It’s been well documented over the course of the past few weeks and months that the Bahamas is looking into creating its own central-bank digital currency. 
  • But recent news indicates that this effort isn’t just going to be localised to the Bahamas itself, but is planning to make its CBDC project available on a global scale.

It’s been well documented over the course of the past few weeks and months that the Bahamas is looking into creating its own central-bank digital currency. But recent news indicates that this effort isn’t just going to be localised to the Bahamas itself, but is planning to make its CBDC project available on a global scale.

The assistant manager of electronic solutions at the central bank of the Bahamas, Bobby Chen has claimed that the digital currency in the country should eventually be able to Interconnect with other global currencies according to a local news report published earlier this week on the 15th of October. 

The assistant manager further said:

“At the moment, it is currently only used in a domestic setting, but eventually we are working on a solution that will make it interoperable with other global currencies.”

Head of banking at the bank, Cleopatra Davis has said that the so-called “sand dollar“ and the way it will intertwine with other wallets is a vital strategy alongside integrating real-time gross settlement and automated clearing house. 

According to her, this will help enable the movement of the Sand Dollar to and from consumers and their bank accounts.

As a result of this, Fiat conversions will be able to be facilitated.

The Bahamas is one of the many countries all over the world looking into the development of a CDDC. China seems to be the first one to least one as it is well on the way to publish its so-called “digital yuan“.

For more news on this and other crypto updates, keep it with CryptoDaily!

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