Cryptocurrency Short News

The Bahamas to Launch First Digital Fiat Currency, Sand Dollar

news-image

The Central Bank of Bahamas is all set to launch the country’s first fiat digital currency – Project Sand Dollar – to overcome cash dependence. This project, introduced in March 2019, is being fast-forwarded since the hurricane Dorian hit the Islands. The CBOB feels digital currency would rule out the cash overflow or crunch during a natural calamity.

Advertisement

The digital fiat currency will be stored in e-wallets. Users can access the Bahamas currency through a smartphone application. The CBOB plans to launch a card to aid further transactions. As of now, Project Sand Dollar will be introduced in Abaco. However, by year-end, even Exuma will be able to access the digital currency.

Tags
Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Back to top button
Close
Close