Thu, March 28, 2024

Central Bank of Bahamas and its Digital Currency

The Bahamas and digital currency

The Bahamas is a small country that consists of more than 700 islands. As a reminder, the country gained independence from the United Kingdom in 1973. It is worth mentioning that, the total population is less than 400,000 people. Despite its small size, the Bahamas is one of the richest countries in the Americas, in terms of gross domestic product (GDP) per capita. People should take into account that, the local economy is based on tourism as well as offshore finance. Interestingly, the Central Bank of the Bahamas (CBOB) plans to make its central bank digital currency project interoperable on the international level. This is great news not only for the country but other countries as well.

The Bahamas’ digital currency dubbed the “Sand Dollar” should eventually be interoperable with other digital currencies, and it makes sense to achieve this goal. It is worth noting that, at the moment, people are using this digital currency in a domestic setting. However, the Central Bank of the Bahamas is working on a solution. Thanks to this solution, it will be possible to make its digital currency interoperable with other global currencies

The Bahamas, digital currency, and new opportunitiesDigital currencies around the world

As mentioned above, the country’s central bank wants to make its digital currency project interoperable with other digital currencies. It is worth mentioning that, interoperability with other wallets is a key strategy alongside integrating the real-time gross settlement and Automated Clearing House. 

Importantly, this will enable the movement of the “Sand Dollar” to and from user bank accounts. This step will further facilitate fiat conversions.

Interestingly, the API-card less onboarding will be a major component of the national rollout scheduled for October 20. The coronavirus pandemic created a lot of problems around the world. Notably, the process became very important during the coronavirus pandemic. Importantly, it allows users to access the “Sand Dollar” without needing any physical interactions. 

The coronavirus pandemic continues to dominate the headlines for more than 7 months. Moreover, the pandemic is far from being over, and this fact once more underlines the severity of the problem. Also, governments are struggling to cope with problems caused by the pandemic. The Bahamas is a popular tourist destination. However, the coronavirus pandemic decapitated this industry across the globe. Furthermore, it could take several years to return to the pre-coronavirus period. The Central bank made the right decision, as its digital currency project is important for the country. 

YOU MAY ALSO LIKE

USD to CNY: Chinese yuan and US dollar bills

Quick Look: The Yuan (CNY) has seen a depreciation of approximately 2%

Dollar and Euro

Quick Look: EUR/USD rate Dips to 1.0820 during the Asian session. The US

Domino Pizza

Quick Look: Domino’s stock surges by 8.32% over the past week, hitting

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex

BROKER NEWS

Stock Report – stock exchange background – WibestBroker

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex in