Bahamas Central Bank begins testing digital currency



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Bahamas Central Bank begins testing digital currency

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The Bahamas financial regulator announced the release of a digital version of the Bahamian Sand Dollar and the beginning of its testing.

According to the central bank, digital payments and the admission of new categories of financial service providers to the domestic market will accelerate the reform of the payment system.

Initially, Sand Dollar will be tested in the Exuma area, and in the first half of 2020, the geography of testing the coin will expand to Abako and several other island areas.

“The digital asset will help maintain the stability of the financial sector and reduce transaction processing costs, as well as minimize the risks of crime related to cash flow,” the regulator said.

Along with the pilot project, the Central Bank will contribute to the development of new rules for digital currency and consumer protection, including with regard to data protection standards.

Bahamas authorities have announced plans to issue digital currencies since June 2018. Then Minister of Finance Peter Turnkvest emphasized the importance of developing a new digital payment service for small islands due to the reduced presence of commercial banks.

Bahamas Central Bank begins testing digital currency



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