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 4th July 2024
