The currency, called ‘Sand Dollars’, will be available everywhere in the country. This, the country hopes, will improve the rate of financial inclusion as it will reach some of the remote islands of the archipelago.
According to Bloomberg, there is only about $48,000 worth of Sand Dollars on the Central Bank of the Bahamas’ balance sheet. Since the Sand Dollar is valued at 1-to-1 with the usual Bahamian dollar, the spread of the currency to these remote areas may be slow. Regardless, the launch will put The Bahamas far ahead all other countries currently working on a CBDC.
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