April 25, 2024

Bahamas will launch its digital currency before the end of 2020

Bahamas will launch its digital currency before the end of 2020

The head of the Central Bank of the Bahamas, John Roll, announced that the launch of a national digital currencyscheduled for the second half of 2020.

Currently, the Bahamas digital dollar is alreadybeing tested as part of the Project Sand Dollar initiative on the northern Abaco island group. However, the CBBO has not yet completed the registration of all citizens who wished to take part in the pilot project, and has not yet fully formed the regulatory framework and technical infrastructure.

However, John Roll stated that the fullThe launch of the digital currency will take place later than 2020. According to him, the sand dollar is not a separate currency, but only a digital analogue of fiat, so its value will never be different.

John Roll also said that so far the nationalThe digital currency is intended exclusively for use in the Bahamas, but the concept may be changed in the future.

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