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Bahamas All Set to Launch a Digital Central Bank

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Sep 16, 2020
Bahamas All Set to Launch a Digital Central Bank

In the recent years, cryptocurrency (digital currency) and the blockchain industry has experienced a boost in their following and demand. The industry has been witnessed by many world-economists and analysts to be impacting the world economy one way or another. They have also predicted that the future of the world economy will be dependent upon the blockchain system as it has tremendous potential to solve the complexities and the difficulties that are currently being experienced in the current economy.

In the current year, when the entire world’s population as well as the economy took a blow, the cryptocurrency and blockchain industry has shown so much stability and upward trend that the major countries and even regions have recognized its worth and are in talks to legalize this industry. When it comes to continents, Asia is considered to be the hub for most of the cryptocurrency blockchains and this is the reason why, Asia is at the top of adopting the blockchain concept where the Asian economy giants such as China, India & South Korea are at the top.

Second in the list is the European Union that has now recognized the blockchain industry’s worth. The economic giant states Germany, Spain, Italy and more have proposed to pass a law for the blockchains in the European Union Commission demanding to streamline the blockchain process and make them more regulated to make them more secure and safe for the users and for their states.

However, Bahamas has taken this competition to a whole new level by launching a digital central bank with its own digital currency that goes by the name ‘Sand Dollar’. The central bank of Bahamas also aims to launch its own cryptocurrency by the end of October 2020 and will be issued by the bank itself.

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Chaozhen Chen, who is the assistant manager eSolutions that represents the central bank of Bahamas has stated that the digital currency ‘Sand Dollar’ is set to bring in more inclusion from the surrounding remote islands of the archipelago nation.

He also added that majority of the banks had done downsizing and stopped their operations on these islands because of their remote locations. However, the digital currency would have a positive impact on the financial situation of their economy and the digital currency will be issued against the retirement of the Bahamian dollars so no extra currency is issued.

Chaozhen also stated that the main motive behind launching this e-currency is to provide users a safe and convenient mode of payment and income as well. The ‘Sand Dollars’ are subjected to the laws and regulations currently being followed for the current Bahamian Dollar and will follow the know-your-customer as well as anti-money laundering regulations.

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