As we report above, The Bahamas was testing its new Central Bank Digital Currency (CBDC) called “Sand dollar”For use in all the islands that make up the country, in order to achieve better financial inclusion, although it is not ruled out that its application will be extended beyond its borders, according to the portal Criptonoticias. But yesterday was its official launch. Remember that as long as it is issued by the Central Bank, it has the same value as the legal tender.
In this sense, today the San Dollar is already integrated into the national payment network of The Bahamas, however, its use requires users to use a virtual wallet, which is available on both Google Play and the App Store, and can be downloaded by anyone. However, its use is conditional on an activation code that is only granted by the entity in charge of issuing the currency, only to Bahamian citizens.
Similarly, according to the explanation of Chaozhen Chen, deputy director of eSolutions of the Central Bank of The Bahamas, the digital currency will only be minted in the same proportion that its importance increases in the daily commercial flow and paper money is withdrawn from the system, in such a way that the increase of the monetary base in the country is avoided . Also, it is important to mention that each Sand Dollar is linked to the Bahamian Dollar.