December 2, 2023

Bahamas will release its own digital currency

The Central Bank of the Bahamas (CBOB) has announced plans to issue its own digital currency to combatusing cash in the aftermath of natural disasters.

As the head of CBOB John Rollle said,state digital currency will contribute to the rejection of the use of paper money. In addition, a special wallet will be developed that will store the user's identity.

“This will help to avoid translation problems andcash processing. Digital currency will allow fair distribution of humanitarian aid in case of floods and will make this process more transparent, ”Roll said.

CBOB head also said hurricanes carryserious consequences for the banking industry - they not only destroy bank branches, but also reduce the availability of electricity for the population. Richard Myers, a decentralized application engineer at Global Mesh Labs, noted:

“In developing countries, Internet connectivityexpensive and unreliable. Using various solutions giving access to cryptocurrencies in these parts of the world is justified. Transactions in the Bitcoin network can also be carried out through networks with low bandwidth, for example, radio or SMS. ”

Let us recall that in May, the Central Bank of the Bahamas officially confirmed plans to issue its own cryptocurrency by 2020.