Bahamas to Roll Out ‘Sand Dollar’ Digital Currency Next Month

The Bahamas' "Sand Dollar" will likely be the world's first live central bank digital currency when it launches in October.

The Bahamas Central Bank Digital Currency Will Be Rolled Out in October

The Bahamas Central Bank has announced its CBDC, dubbed Sand Dollars, will be ready by next month for roll out.

The Bahamas will launch a digital Central Bank ‘Sand Dollar’ in October

The Central Bank of The Bahamas is planning to launch a national cryptocurrency across its entire archipelago next month. 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 cryptocurrency during October. The assistant manager of eSolutions at the Central Bank of The Bahamas, Chaozhen Chen, told Bloomberg that the digital currency, dubbed 'Sand Dollars', is intended to drive greater financial inclusion among the remote islands within the archipelago nation. “A lot of residents in those more remote islands don’t have access to digital payment infrastructure or banking infrastructure.

Global P2P Bitcoin Trading Volume at Highest Point Since Jan. 2018

The global P2P markets are pumping, with numerous African and Latin American markets touching new all-time highs for volume. Combined global peer-to-peer (P2P) Bitcoin trading volumes have surged to their highest levels since January 2018, with nearly $95 million worth of Bitcoin (BTC) changing hands on Localbitcoins and Paxful in the first week of August. The spike comes as many Latin American markets have seen trade activity rally into new highs over recent weeks, with the Bitcoin P2P markets in Argentina, Mexico, Chile, Bolivia, Honduras, Paraguay, Uruguay and The Bahamas all posting record highs since the start of July. Venezuelan trade still represents the lion’s share of Latin America’s nearly $13 billion in weekly P2P trade, posting more than $5 million in volume for two consecutive weeks.

The Bahamas Edges Closer to Hurricane-Proof Digital Currency

The Bahamas is betting its mobile phone-based digital currency could be the key to faster post-disaster economic recovery.