The Bahamas digital dollar will be released in the second half of 2020

The Bahamas digital dollar will be released in the second half of 2020

While major players in the industry believe that central bank digital currencies (CBDCs) will take years or decades to materialize, the Bahamas plan will adopt a CBDC before it is finalized. end 2020.

John Rolle - Governor of the Central Bank of the Bahamas (CBOB), has confirmed that the Bahamian digital dollar initiative will be introduced on all islands in the second half of 2020.

The Bahamas has launched a pilot in the Exuma area

According to one notification On February 13 of the Tribune's domestic publication, Rolle presented a plan to address a Chamber of Commerce and Employers Union in the Bahamas on this initiative, called the Sand Dollar project.

In fact, the Bahamas launched a pilot project on Exuma Island in December. Therefore, the CBOB governor announced that the pilot would be extended to the Abaco area - an initial option for a pre-pilot pilot. digital. Rolle explained that CBOB decided to start with Exuma:

“Abaco is really the first choice for piloting cryptocurrency. (...) But we feel that what is lacking in Abaco is comprehensive finance, or access to finance, which does not mean that all banks are available. But in terms of ecosystem, it will become so rich. ”

According to the report, the Bahamas central bank is still in the process of enrolling all 1,200 people registered to pilot at Exuma. At least 2,000 people have also expressed interest in participating in the initiative in the region, the report noted.

Sand Dollar will only be a digital representation of the fiat

In the report, the governor emphasized that the upcoming Bahamas dollar will be nothing more than a digital representation of the national Fiat currency - the Bahamas dollar (BSD). Rolle emphasized:

“We are considering a digital representation of the national currency. It is not another currency, it is the same currency. In law, it will never be different. It can't be different in value in any way or another, so Sand Dollars can never be valued differently from the Bahamas dollar. ”

The governor noted that Sand Dollar initially targeted domestic use only. However, there is still a possibility it will be linked to a foreign currency, Rolle said. THIS official explained that this could only be done in the case of a clear purchase and sale of foreign exchange.

The CBOB Governor also noted that the Bahamas may be a bit ahead of some countries in time. Rolle said:

“We will not take a break until the second half of this year, and it is confirmed based on certain things, such as during the pilot process that has considered more issues around the technology infrastructure, ensuring that the legal framework will build more around regulations etc, and spend time dealing with a lot of cyber issues. ”

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According to ConiTelegraph
Translated by ToiYeuBitcoin


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