The Bahamas monetary authority has expanded on its plans for the roll out of its Sand Dollar central bank-backed digital currency (CBDC).
The Sand Dollar is the world’s first fully released CBDC, a model gaining worldwide attention as a more transparent and stable version of blockchain-based cryptocurrency.
In addition to launching the Sand Dollar’s official website on Tuesday, the bank has announced that nine as-yet-unnamed companies are on track to receive authorization to begin distributing Sand Dollars in 1Q21.
“Businesses and individuals who have already selected a digital payments provider can expect that the Sand Dollar will be available within the same environment in which they have enrolled, once their providers complete systems upgrades,” the bank said in a statement. Read more >>