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Bahamas Is Planning To Launch Its Own Digital Currency In October

By cryptocrunchapp.com 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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