Bahamas to Mandate Banks to Offer Sand Dollar CBDC
The Bahamas, the first country to issue a central bank digital currency (CBDC), is introducing regulations to boost the adoption of its digital "Sand Dollar."
Central bank governor John Rolle announced that new rules will soon require commercial banks to offer the Sand Dollar to their customers, aiming to increase its use, which has been limited since its 2020 launch.
Despite the Bahamas’ pioneering role, the Sand Dollar accounts for less than 1% of the country’s currency in circulation. To enhance adoption, commercial banks will need to integrate the Sand Dollar into their systems, despite significant IT challenges.
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Globally, CBDCs face resistance from commercial banks worried about deposit flight and public scrutiny. Other countries with CBDCs, like Nigeria and Jamaica, have also seen minimal usage.
The Bahamas hopes that mandating banks to support the Sand Dollar will drive its acceptance without offering financial incentives or interest rates on digital wallets.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
