Bahamas Enforces Bank Distribution of Digital Currency Issued by Central Bank

The Bahamas, the first country to issue a central bank digital currency (CBDC) known as the Sand Dollar. Plans to mandate commercial banks to provide access to this e-money. 

Central Bank Governor John Rolle announced that these regulations will be implemented within two years to boost adoption. The Sand Dollar, introduced in 2020, currently represents less than 1% of the Bahamas’ currency circulation. This initiative aims to enhance the CBDC’s usage by integrating it into commercial banking systems and encouraging businesses to accept it.

Clever Robot News Desk 4^th July 2024