Saturday, September 26, 2020

The Bahamas Reveal Details, October Date of Landmark Central Bank Digital Currency Debut

The Bahamas' Sand Dollar central bank digital currency will begin a "gradual national" debut on October 20. (Kim Schuster/Flickr)

The Bahamas confirmed it will cross the central bank digital currency (CBDC) finish line next month.

In a late Friday tweet, the Central Bank of the Bahamas announced that on Oct. 20 it will begin the "gradual national release" of its consumer-facing "Sand Dollar" digital currency, perhaps the world's first retail CBDC.

Though it was already known that the Bahamas was eyeing a mid-October release, the Friday announcement sets a hard date for the historic event and sheds new light on the rollout.

In the first phase, private-sector players such as banks and credit unions will ready their systems with know-your-customer (KYC) and other compliance checks across low-value, personal and enterprise wallets.  Read more >>