The Bahamas has launched a central bank digital currency, Sand Dollar.
The Central Bank of the Bahamas has announced that the country’s ‘Sand Dollar’ — a state-backed virtual currency — is now available nationwide.
The CBDC became available to all residents of The Bahamas on 20 October 2020.
Sand Dollar transfers are made by mobile phone. The digital currency can also be used at any merchant with a Central Bank approved e-wallet on their mobile device.
According to Cointelegraph.com, the Sand Dollar is intended to drive financial inclusion within The Bahamas.
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