Bahamian Central Bank is going to present a digital version of the Bahamian Dollar.
The announcement on the official website was declared on December 24, and according to it, CBOB is going to issue CBDC pilot on December 27. The pilot is going to continue in the first half of 2020 to Abaco, barrier cays in the northern Bahamas and a group of islands.
This is going to be Bahamas' premier digital currency, and it is being formed under the leadership called Project Sand Dollar.
Explaining the project, the CBOB mentioned that this new version of the traditional currency could reduce the harmful effects of cash practice. According to the bank, this currency would also effectively establish national protection against money laundering, terrorist funding, and other unlawful violations of the economic system. The CBOB spokespeople stated that the usage of cash could also bring to safety dangers on businesses and create more publicity to deceitful failures compared to electronic point of sales transactions. They suppose that extensively used CBDC would place at a smaller risk of extreme violations that target holders of cash and probably decrease safety and insurance payments connected with storing cash on business propositions.