Governor of the Central Bank of the Bahamas John Rolle announced testing of digitalBahamian dollar, the launch of which is scheduled for the second half of 2020.
Bank Chairman Introduces ProjectSand Dollar »Chamber of Commerce and the Bahamas Employers Confederation. As Rolle explained, Project Sand Dollar is an electronic payment system for organizations and individual users that will operate in accordance with local financial laws.
In December, the pilot project was already launched onExuma Island, and in the future the cryptocurrency will be tested in the Abaco region, where the project was originally planned to launch. According to the report, about 2,000 people wished to take part in testing the project of the Central Bank of the Bahamas.
Rolle added that the digital Bahamian dollarwill not differ from the fiat currency of the Bahamas (BSD), and will only be its digital version. Cryptocurrency will be used only within the state, but after successful testing it can be tied to any other foreign currency.
The Chairman also emphasized that the Central Bank of the Bahamas is working hard on the technological infrastructure of the project, as well as issues related to regulation and cybersecurity.
“Despite the fact that many central bankshold different points of view on the issue of their own cryptocurrencies, the Bahamas will be one of the first countries to issue their digital dollar, ”he said.
As a reminder, the Bahamas began testing its digital dollar in December, and in May the Bahamas Securities Commission considered a bill to regulate digital assets.
</p></p>Read this:
Bahamas began testing its digital currency
Bank of France will test its digital currency in 2020
India will release its own digital currency, but the ban on private cryptocurrencies will not be lifted
Cambodia will launch the national digital currency until April 2020
Bahamas will release its own digital currency
CCIEE: “China's Central Bank to be the first to issue sovereign digital currency”