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Bahamas Is Planning To Launch Its Own Digital Currency In October

By on September 17, 2020

The Bahamas is gunning to become the first country in the world to roll-out a state-backed virtual currency nationwide, and has announced it will launch a central bank-issued crypto during October. The Caribbean nation of just under 400k people will roll-out its central bank digital currency (CBDC), dubbed the "Sand Dollar," next month. Approximately $48k -worth of the new CBDC will enter circulation initially and will be available via a mobile-based wallet app. The Sand Dollar is backed 1:1 to the Bahamian dollar (BSD) which, in turn, is pegged to the U.S. dollar.

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