The Bahamas, the first country to issue a central bank digital currency (CBDC) called the Sand Dollar, is preparing regulations to mandate commercial banks to provide access to the e-money to boost adoption. Central Bank Governor John Rolle indicated that these regulations would be implemented within two years. “We’ve begun to signal that to our…
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In addition to recommending the financial education of the public in the Bahamas, the IMF hinted at the importance of a “robust supervisory and regulatory framework” for digital assets. The International Monetary Fund, or IMF, has turned its attention to the Bahamas’ central bank digital currency (CBDC), the Sand Dollar, and suggested additional regulatory oversight…
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“We have a vision to transform The Bahamas into the leading digital assets hub in the Caribbean,” said Philip Davis, prime minister of the Bahamas. Residents of the archipelago nation, the Bahamas, may soon be able to use digital assets including the world’s first central bank digital currency, or CBDC, to pay for taxes. In…
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This makes The Bahamas one of the first countries in the world to officially launch a CBDC beyond a pilot program. The Central Bank of the Bahamas has announced the country’s “Sand Dollar” — a state-backed virtual currency — is now available nationwide. According to an Oct. 20 Facebook post from Project Sand Dollar, the…
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