The Central Bank of The Bahamas is to launch its Sand Dollar central bank digital currency (CBDC) across the entire archipelago in October, after piloting the new e-currency on the islands of Exuma and Abaco.
The central bank began testing the Sand Dollar in January 2020 and extended the pilot to the island of Abaco in March.
“Once the system is up and running, holders will be able to use their mobile phones to make person-to-person or business transactions — even when they’re offline,” Bloomberg reports.
“For consumers already using mobile payment systems, the experience might not be much different.”
“The monetary authority has just $48,000 worth of Sand Dollars on its balance sheet, valued at one-to-one with the regular Bahamian dollar, which is pegged to the greenback,” the publication says.