The Central Bank of the Bahamas has finally decided on the launch date of its virtual currency, Sand Dollar.It will be released on October 20 this year.
The Sand Dollar will not hit the market right away. It will be released in stages, starting with access to private institutions such as banks. In the first phase, organizations will need to prepare their service system and ensure that they meet the “know your customer” (KYC) requirements.
Authorized Financial Institutions (AFI) wallets will also need to have multi-factor authentication.
The second phase, which is scheduled for early 2021, will involve civil society organizations such as utilities and services.
The regulator expects the transition to Sand Dollar to reduce service delivery costs, improve operational efficiency and improve overall financial inclusion.
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