Bahamas Prepare a New Cryptocurrency
Bahamas will become the first country in the world where the official currency will be digital and in blockchain infrastructure.
The goal of the initiative from Bahamas Central Bank is the elimination of financial inclusion for many residents in remote islands, with no access in the banking systems and digital payments. The big banks have exclude smaller communities from banking services, creating the above problem.
The new coins, called “Sand Dollars”, will be based in residents’ phones, as over 90 % of the residents own a smartphone which can support this function.
The pilot was held in 2018 with two islands to participate while the coin’s last edition will be pegged with Bahamas Dollar, which is connected also with US Dollar.