Bahamas Central Bank to issue its own digital currency by the end of 2020.
Theirman John Roll announces digital testing of the Bahamian dollar, which is scheduled to launch in the second half of 2020. Chairman of the Bank represents the Project Sand Dollar Chamber of Commerce and the Bahamas Employers Confederation. As Roll explained, Project Sand Dollar is an electronic payment system for organizations and individual users that will act in accordance with local financial laws.
In December, a pilot project was already launched on Exuma Island, and later cryptocurrency will be tested in the Abako region, where it was originally planned to launch the project. According to the report, about 2,000 people wanted to participate in the testing of the project by the Central Bank of the Bahamas.
Roll added that the digital Bahamian dollar will not be different from the fiat currency of the Bahamas (BSD) and will only be its digital version. Cryptocurrency will be used only within the state, but after successful testing, it can be tied to any other foreign currency.
The Chairman also emphasized that the Central Bank of the Bahamas is actively working on the technological infrastructure of the project, as well as on issues related to regulation and cybersecurity.
“Despite the fact that many central banks have different points of view on the issue of their own cryptocurrencies, the Bahamas will be one of the first countries to issue their digital dollar,” he said.
Recall that the Bahamas began testing its digital dollar in December, and in May the Bahamas Securities Commission reviewed a bill governing digital assets.
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