Bahamas began testing its digital currency

The Central Bank of The Bahamas has launched a pilot project for the national digital currency Project Sand Dollar.

The first tests began today, and in the firstHalf of the program should cover the entire group of northern Abaco islands. The authorities expect that the digital counterpart of the Bahamian dollar will simplify access to financial services for residents and increase their efficiency, help in the fight against money laundering, illegal operations and other problems.

The press release also states that during the implementation of the project,new rules, norms and standards for thisasset class aimed at improving consumer protection. In parallel, the Central Bank plans to promote reforms that allow non-bank organizations to take a direct part in the national payment system.

In the future, the Bahamas wants to completely get rid of cash, the calculations, circulation and storage of which are complicated by the geographical and territorial features of the state.

The development of the “sand dollar” handled by NZIA Limited.

Recall that recently the British Virgin Islands also announced the launch of its own digital currency BVI ~ LIFE.

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