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.
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.