Bahamas Sand Dollar to Launch Nationwide During the Second Half of 2020

February 14, 2020 / by Crypto.IQ

The Bahamas launched the pilot program for their Sand Dollar in December 2019 on the island of Exuma, and will soon be expanded to the Abaco Islands. Further, sometime during the 2nd half of 2020 the Bahamas expects to launch the Sand Dollar nationwide.

The Sand Dollar is the Bahamas’ central bank digital currency (CBDC), i.e. a blockchain-based version of the national fiat currency. The Bahamas uses the Bahamian Dollar (BSD), which is pegged to the USD, so technically the Sand Dollar will be quite similar to USD stablecoins like Tether (USDT) and USD Coin (USDC), the main difference being that the Sand Dollar will be considered an official national currency.

Apparently the main issues that have to be resolved before the Sand Dollar goes live across the Bahamas revolve around cybersecurity and the legal framework for the CBDC, although it appears the government expects these issues to be resolved in only a handful of months.

Ultimately, the Sand Dollar is expected to be beneficial for the Bahamian economy, via accelerating the provision of financial resources, while simultaneously increasing the interoperability of payment systems.

Notably, the Bahamas is outpacing most other nations in the world, even China, when it comes to launching a CBDC. This is despite the Bahamas having a population of less than 400,000 people. It seems the lesson here is that smaller nations are more capable of regulating and adopting new technology.

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