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The Central Bank of The Bahamas (CBB) is embarking on legislative actions that will mandate local commercial banks to endorse and facilitate the central bank digital currency (CBDC). Nearly four years post-launch, the Sand Dollar constitutes less than 1% of the overall currency in circulation within the nation.
The Central Bank of The Bahamas is developing a legislative framework that will require local commercial banks to assist in the distribution of the CBDC. As reported by Reuters, the proposed legislation seeks to address the low uptake of the Sand Dollar among the populace.
John Rolle, the Governor of the Central Bank of The Bahamas, noted that the Sand Dollar is among the pioneering CBDCs globally; however, the adoption rate within the nation remains quite low almost four years after its launch. Data from the CBB indicates that the Sand Dollar represents less than 1% of the national currency in circulation in The Bahamas.
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Additionally, the overall volume of CBDC wallet top-ups has seen a significant decline, dropping from $49.8 million in the first eight months of 2022 to $12 million during the same timeframe in 2023. Rolle highlighted that the Sand Dollar is crucial for enhancing global financial inclusion and modernizing the country’s payment infrastructure, thus necessitating an increase in its popularity and circulation.
In this context, Rolle mentioned that the CBB plans to introduce regulatory measures within the next two years that will require all commercial banks in the nation to offer their clients access to the Sand Dollar. He believes this strategy will encourage the utilization of the CBDC and mobile payments across the country.
The Bahamas was among the first nations globally to recognize a CBDC as an official payment method. The digital currency was introduced in October 2020. As per the CBDC Tracker, there are currently central bank digital currencies launched in four countries worldwide, with Zimbabwe being the most recent. An additional 22 CBDC initiatives are at various stages of pilot testing, including digital currencies in India, China, the UAE, Hong Kong, Turkey, Singapore, Kazakhstan, Qatar, and the European Union.
Сообщение Bahamas’ Commercial Banks to Be Required to Maintain and Distribute CBDCs появились сначала на CoinsPaid Media.
