The Bahamas Launches Its Central Bank Digital Currency

The Bahamas Launches Its Central Bank Digital Currency

Gate Trade News Wednesday, October 21, 2020 59 1

Project Sand, the Bahamian central bank digital currency, launched today.It's used for domestic transactions.

 

It uses distributed ledger technology, but isn't similar to Bitcoin.

 

The Central Bank of the Bahamas today launched its own blockchain-based central bank digital currency (CBDC), making it one of the first countries in the world to do so.

 

Called “Sand Dollars,” the tokens are cryptographic representations of the Bahamian dollar, minted and regulated by the nation’s central bank, that are integrated with the Caribbean island nation’s payments networks.