Chairman of the Bahamas Central Bank Mr. John Rolle announced the testing of the digital Bahamas dollar, the launch of which is scheduled for the second half of 2020.
The Bank’s Chairman introduced the Project Sand Dollar initiative to the Bahamas Chamber of Commerce and Employers’ Confederation. As Mr Rolle explained, Project Sand Dollar is an electronic payment system for organizations and individual users, which will operate in accordance with local financial legislation.
In December, the pilot project has already been launched on the island of Exuma, and in the coming days crypto currency will be tested in the Abaco region, where the project was originally planned to be launched. According to the report, about 2,000 people wished to take part in the testing of the project of the Bahamas Central Bank.
Mr. Rolle added that the digital Bahamian dollar will not differ from the fiat currency of the Bahamas (BSD), and will become only its digital version. The crypto currency will be used only within the state, but after successful testing it can be linked to any other foreign currency.
The Chairman also underlined that the Bahamas Central Bank is working intensively on the technological infrastructure of the project, as well as issues related to regulation and cyber security.
” Despite the fact that many central banks have different views on issuing their own crypto currencies, The Bahamas will be one of the first countries to issue its digital dollar,” he said.
It should be recalled that the Bahamas began testing its digital dollar in December, and in May the Bahamas Securities Commission considered a bill on regulation of digital assets.