Thursday, March 26, 2020

Bahamas, US looking at digital fiat for payments in light of COVID-19

By Namrata Shukla

COVID-19 panic was felt even in the digital asset market; despite its fall, the market bounced back and has been recovering faster than the traditional market. This pandemic shed light on the risk paper money has posed in terms of carrying the virus. In the light of such risks, the Central Bank of Bahamas [CBOB] anticipated designing changes to its Sand Dollar digital currency.

According to reports, Governor of CBOB John Rolle expected these changes to assist with the country’s payment needs arising due to the onset of Coronavirus. He also noted that it had no intention of moving the project forward faster due to the pandemic as it would be “intolerably risky”.

The governor noted that they were considering the touchless nature of the digital payments system and its ability to reduce human contact. However, its use will be restricted on pilot projects like Exuma and Abaco for the time being.  Read more >>