On October 20, the launch of the digital state currency of the Bahamas, Sand Dollar, is due to take place. According to the representative of the Central Bank of the country, in the future, Sand Dollar can enter the international market.
As the assistant Governor of the Central Bank of the Bahamas (CBOB) for electronic solutions, Bobby Chen, said during the presentation, at first Sand Dollar will be available only in the domestic market, but in the future, foreign companies and citizens will be able to use the digital currency:
“Right now, Sand Dollar is only used domestically, but we are already working on creating a solution that will make it compatible with other global currencies.”
Six local financial institutions will be responsible for issuing the digital currency of the Bahamas. At the same time, you can use Sand Dollar even without an Internet connection. Cleopatra Davis, Head of Banking at CBOB, stressed::
“This opportunity is very important, as we saw during Hurricane Dorian. While working on Sand Dollar, a key component and strategy was to provide the ability to exchange when there is no electricity and cellular communication.”
Earlier it was reported that the first phase of the Sand Dollar launch will take place on October 20, and the second phase is scheduled for early 2021. As part of the second phase of the launch, municipal enterprises and government agencies of the Bahamas will be prepared for the use of the national cryptocurrency.