Status : Launched
Usecase : Retail
In October 2020, the Sand Dollar, the world’s first Central Bank Digital Currency (CBDC), was officially launched in the Bahamas. It is currently being used by all Bahamian citizens, although integration with the commercial banking system is still being gradually implemented. The Central Bank of the Bahamas aims to achieve full interoperability between its various wallet providers. The motivations behind the CBDC pilot include enhancing financial inclusion and bolstering security against money laundering and illicit economic activities. The project also involves the development of new regulations for the digital currency and strengthening consumer protection, particularly in terms of data protection standards.
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