The Bahamas is gunning to become the first country in the world to roll out a state-backed virtual currency nationwide, and has announced it will launch a central bank-issued cryptocurrency in October.
The assistant manager of eSolutions at the Central Bank of The Bahamas, Chaozhen Chen, told Bloomberg that the digital currency, dubbed “Sand Dollars,” is intended to drive greater financial inclusion among the remote islands within the archipelago nation.
“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.”
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