Bahama takes a successful lead in launching its first-ever nationalized cryptocurrency leaving behind countries such as China and Sweden.
Bahama, which too has Dollar as its official currency, recently launched its national digital currency under the name “Sand Dollar”. The digital Sand Dollars are now available for sale, purchase, and trade by the general public of Bahama.
The digital currencies developed under the country’s national policy are generally called “CBDCs”.
The launch of the Bahamian digital dollar was announced today in a tweet message by Bahama’s monetary authority. Central Bank of Bahama told the press that it took longer than expected for the developers to successfully launch the CBDC. But they are glad that it happened finally.
Central Bank also told that the project was initiated to provide more space to regulated payments and other services.
CBDCs is currently a major topic debate amongst many countries. For instance, countries such as China and Sweden have also developed their own CBDCs. In addition, last week China pilot-tested its digital Yuan and complimentary distributed it amongst residents of Shenzhen. China’s test was successful as the holders of the digital Yuan used approximately US$1.5 Million worth of CBDC before the end of the deadline.
The next in line countries who are in the process of developing their own CBDCs are the US, Russia, and the EU.
Soon after the announcement, CoinDesk also started to monitor the buying process of Sand Dollars. As per its initial report, CoinDesk suggests that a large number of buyers from the private sector are buying CBDC. However, it is expected that the crucial role for the success of Bahama’s CBDC will be played by financial institutions and credit unions.
Central Bank of Bahama also informed that the digital wallets have been developed keeping in view the high-level protocols. They require 2-steps verification codes for accessing the wallet and will be made available on mobile phones with internet connections. Currently, in Bahama over 90% of the population possesses smart mobile phones. Meaning that they can download the official app for Bahama’s CBDCs into their mobiles and use it at any time.
Central Bank of Bahama also told that for the time being Sand Dollar is pegged with the country’s national fiat. Similarly, the Bahamian Dollar is then pegged with the global reserve fiat, US Dollars.