Wednesday, August 26, 2020

Blockchain, The Bahamas, And Future Directions In Cryptocurrency Reporting

Image: Getty Images

By Sean Stein Smith

Cryptocurrencies have now officially made a debut on the balance sheet of a central bank; could this lead to an entirely new cryptoasset reporting framework?

Recently it was discovered that Central Bank of the Bahamas had included its newly created cryptocurrency, known as the Sand Dollar, on its balance sheet during April 2020. Although the amount that was actually listed was only equivalent to $48,000, the implications of this inclusion are profound.

This revelation comes on top of the news of just how comprehensive blockchain projects are at the Federal Reserve Bank of Boston, where over 30 blockchains are in various phases of testing and evaluation for possible implementation.  Read more >>