Bahamas strikes first with Sand Dollar amid US–China CBDC faceoff

Bahamas strikes first with Sand Dollar amid US–China CBDC faceoff

Fed Chairman Powell sees no urgency to develop a CBDC, but eventually, the world’s top central bank must act, say experts. The Bahamas, an island nation in the West Indies, made digital currency history on Oct. 20 with the official launch of a new central bank digital currency, the so-called Sand Dollar. It became the first country to roll out a CBDC available to all residents, and while the Bahamas is a small nation — with only 393,000 people — it appears to be an event of some global financial significance.Or is it? “It could be if it succeeds,” Ross Buckley, KPMG-KWM professor of....


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The Bahamas launches world’s first CBDC, the ‘Sand Dollar’

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Bahamas ranked first for retail CBDC development, according to PwC

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Following cybersecurity assessments, commercial institutions are being cleared to issue the world's first CBDC — the Bahamas' Sand Dollar. The Central Bank of the Bahamas has announced that its central bank digital currency, the Sand Dollar, is expected to achieve full interoperability between its various wallet providers within the week.A recent statement released by the CBoB revealed that Authorised Financial Institutions such as payments service providers are expected to be finalized within the coming days. Essentially acting as wallet providers and prospective issuers of the Sand....