Thursday, April 9, 2020

Digital currency pilot attracts interest

The pilot phase of Project Sand Dollar, the Central Bank of The Bahamas’ digital currency, has already attracted over 1,300 active users and 2,000 pending users as it is rolled out in Exuma and Abaco before being launched across the country.

Speaking during a recent webinar hosted by Compete Caribbean, Bobby Chen, assistant manager in banking (ePayments) for the Central Bank of The Bahamas touted the success of the pilot and added that 30 to 40 Bahamian businesses have created digital point of sales to enable them to accept the virtual dollar.

The Central Bank launched Project Sand Dollar in 2018 to increase financial inclusion by providing a secure and efficient alternative payment infrastructure. The pilot phase launched earlier this year and is expected to take six months, but the coronavirus outbreak and resulting quarantine measures have temporarily stalled work in the islands.  Read more >>