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The tiny island nation of the Bahamas will launch its digital currency in the second quarter of 2020

Discussion in 'Crypto Currency News' started by jane madison, Feb 15, 2020 at 2:26 AM.

  1. jane madison

    jane madison Contributor

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    Governor John Johnle of the Bahamas Central Bank announced it would launch the Digital Bahamas Dollar in the second quarter of this year. When launched, it will become one of the first digital currencies along with the Chinese Yuan.

    The Governor of the Bahamas Central Bank confirms the launch of the Digital Bahamas Dollar
    The project is called Sand Dollar and is currently being piloted in Exuma District, Bahamas. Once the pilot process is completed from January to March, the final phase will begin in the second quarter of this year.

    The Central Bank said it intends to use the launch of digital currencies to attract residents in places where physical banking services cannot be effectively accessed. At the same time, the country's digital money will improve digital transactions, boosting the country's reliable tourism industry.

    Cryptocurrencies will have the same value as BSD
    According to the Central Bank of the host country, the digital currency once launched will be worth the equivalent of the Bahamas Dollar. Currently, the country's fiat money is priced at par with the US dollar. That means 1 Bahamas dollar (BSD) equals 1 USD.

    As such, it can be seen that the Central Bank of the Bahamas is continuing to develop a payment system policy that they started in the 2000s. According to the bank, a cryptocurrency pilot was conducted at Exuma by people City residents are willing to use more than one digital platform. In addition, it is also because this place has a high level of access to mobile devices.

    In addition to accepting more digital currency options, the Central Bank also pointed out that it is time for the Bahamas to introduce digital currencies because of other variables.

    They claim to have strict standards against terrorist financing as well as money laundering. At the same time, there are tighter customer systems to understand customers and they are set up to maintain some of the international relations between the bank and some other Central Banks.
     

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