Central Bank of Bahamas Launches Landmark ‘Sand Dollar’ Digital Currency

This makes The Bahamas one of the first countries in the world to officially launch a CBDC beyond a pilot program. The Central Bank of the Bahamas has announced the country’s “Sand Dollar” — a state-backed virtual currency — is now available nationwide.According to an Oct. 20 Facebook post from Project Sand Dollar, the central bank digital currency (CBDC) became available to all 393,000 residents of The Bahamas from roughly 10:00 PM UTC. This makes The Bahamas the first country in the world to officially roll out a CBDC. China is currently testing a pilot program for its digital yuan with....

The Central Bank of the Bahamas partnered with Mastercard and digital payment startup Island Pay to launch a card for its central bank digital currency. The Bahamas is moving to make its national digital currency more accessible by launching a prepaid card for the “sand dollar.”The Central Bank of The Bahamas has partnered with global payment giant Mastercard and local payment startup Island Pay to create a card that supports the sand dollar central bank digital currency.According to a Wednesday announcement, the card is running under a new program from Mastercard and Island Pay, allowing....

The Bahamas’ digital currency is currently used domestically. The Central Bank of The Bahamas, or CBOB, is planning to make its central bank digital currency project interoperable on an international level.Bobby Chen, the CBOB’s assistant manager of electronic solutions, claimed that The Bahamas’ digital currency — dubbed the “Sand Dollar” — should eventually be interoperable with other global currencies, local news agency the Nassau Guardian reported on Oct. 15.Chen said, “At the moment, it is currently only used in a domestic setting, but eventually we are working on a solution that will....

The Bahamas has unveiled key details powering its historic launch of a central bank digital currency, now slated to debut on October 20.

The Bahamas is beginning a push for national digital currency adoption this summer, the central bank's governor, John Rolle, said. The Central Bank of the Bahamas is preparing a national push for its digital currency this summer to get more Bahamians signing up for the Sand Dollar.In another move toward the adoption of the Bahamas’ central bank digital currency, the CBOB is now focused on connecting mobile Sand Dollar wallets with commercial banking systems, CBOB Governor John Rolle announced.According to a Wednesday report by the Nassau Guardian, Rolle said that the Bahamian government....