World’s
First Central Bank Digital Currency Launched in The Bahamas
The Central Bank of the Bahamas
has announced the launch of the country’s “Sand Dollar,” a state-backed
virtual currency touted as being the world’s first central bank digital
currency to launch.
In a Facebook post from Project Sand Dollar,
it was detailed the CBDC is now available to all 393,000 residents of The
Bahamas. Transactions using the Sand Dollar are made using mobile devices,
and residents of the Bahamas can use the digital currency with a “Central
Bank approved e-Wallet on their mobile device.” Transaction fees are
reportedly “negligible.”
The digital currency is
expected to drive greater financial inclusion within the country. It’s worth
noting other central banks, including the People’s Bank of China, are
currently testing their digital currencies before launching them.
