The Central Bank of the Bahamas (CBOB) has become the latest mainstream financial institution to consider the adoption of a central digital bank currency (CDBC), the Sand Dollar.
In fact, the push for the Sand Dollar is already going on at full bore with CBOB hoping to see more Bahamians signing up for the currency over the summer.
CBOB governor John Rolle is looking to seamlessly integrate Sand Dollar wallets with commercial banking systems, aiding smooth and frictionless onboarding.
Based on reporting by Nassau Guardian, a local media outlet, the government has already taken the necessary measures to ensure the smooth launch of the digital currency.
Rolle said: “There is a focus now on enrolling individuals on those various platforms. So we are literally at the cusp of beginning that push for national adoption and that is a focus that is going to gain attention and momentum as we move over the summer months.”
Bahamas is among the early adopters of digital currencies and first introduced a mock version of the currency in October 2020. In the meantime, the US has approached the idea of a US digital dollar with caution and patience.
Right now, consulting services provider Accenture is running a pilot program for a potential US dollar and collecting data so that lawmakers may be better informed on how a potential CBDC in the US would work.