The Bahamas Started Testing Their Digital Currency

Why central banks want to launch digital currencies | CNBC Reports

Central Bank of the Bahamas Launches Project Sand Dollar National Digital Currency Pilot.

The Bahamas Started Testing Their Digital Currency

The first tests began today, and in the first half the program should cover the entire group of the northern islands of Abaco. The authorities expect that the digital equivalent of the Bahamian dollar will make it easier for residents to access financial services and increase their efficiency, and help in the fight against money laundering, illegal transactions and other problems..

IN press release it is also said that during the implementation of the project, new rules, norms and standards for this class of assets will be developed simultaneously, aimed at improving consumer protection. In parallel, the Central Bank plans to promote reforms that allow non-banking organizations to take direct part in the national payment system.

In the future, the Bahamas wants to completely get rid of cash, the calculations, circulation and storage of which complicate geographical  and territorial features of the state.

Development «sand dollar» is handled by NZIA Limited.

Recall that recently the British Virgin Islands also announced the launch of their own digital currency BVI ~ LIFE.

text: Ivan Malichenko, photo: Getty Images

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