The Central Bank of the Bahamas has launched the country’s central bank digital currency (CBDC) called “Sand Dollar” on October 21, 2020. Like any CBDC, it is state-backed and is now available nationwide. In addition, the Sand Dollar is built using blockchain technology, which rarely happens with CBDCs.
The news of the brand-new digital currency appeared in a Facebook post from “Project Sand Dollar.” This makes The Bahamas one of the first nations in the world to formally launch a CBDC. BTC Manager had recently reported that the Bahamian central bank wants to make the Sand Dollar interoperable with all global currencies.
According to the official website FAQ, this digital dollar will give a more comprehensive path to set payments and other business services for under-serviced societies and socio-economic organizations. It will also decrease service distribution expenses and improve the transactional facility for business services over the Bahamas.