Bahamas launches digital currency

The Bahamas’ Central Bank has launched a digital Bahamian dollar, giving it the name ‘Project Sand Dollar’ which begins with a pilot period in Exuma with a plan to extend the pilot during the first six months of 2020 to Abaco. This project is an extension of the Bahamian Payments Systems Modernisation Initiative which originally began in the early 2000s and is intended to increase financial inclusion and access.

The CBB is committed to ‘making the domestic payments system more efficient and non-discriminatory in access to financial services.’ the CBB said in a statement, while ensuring due diligence standards for anti-money laundering and combating the financing of terrorism (AML/CFT). The CBB intends to continue advancing the payments system reform as new financial service operators join the ecosystem and leverage the digital payments infrastructure to have banking services available to all.