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25 September 2020

The Bahamas will launch a digital Central Bank ‘Sand Dollar’ in October

The Bahamas will launch a digital Central Bank ‘Sand Dollar’ in October


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The assistant manager of eSolutions at the Central Bank of The Bahamas, Chaozhen Chen, told Bloomberg that the digital currency, dubbed 'Sand Dollars', is intended to drive greater financial inclusion among the remote islands within the archipelago nation.

Chen noted that the central bank digital currency (CBDC) will be subject to the same regulations as the Bahama dollar, with anti-money laundering and know-your-customer protections surrounding the creation of accounts to use the virtual currency.

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