By the summer of 2021 the Bahamas will connect mobile wallets for storing the Sand Dollar to the systems of commercial banks. This is reported by The Nassau Guardian.
John Rolle, the governor of the Central Bank of the Bahamas, said that a number of financial institutions have already integrated their wallets with the Sand Dollar.
He said the regulator is focusing on registering citizens in these services, and that integrating mobile wallets with bank accounts is an important part of developing the central bank digital currency (CBDC) ecosystem.
The reason for this is convenience. People view mobile wallets as ATMs for payments and direct access to funds in digital form, the head of the agency said.
Rolle added that government agencies are also preparing their systems for a mass rollout of the CBDC. This work will be completed “during the summer months”.
The Bahamas topped the retail CBDC ranking by PricewaterhouseCoopers. The project scored 92 out of 100.
Residents of the archipelago gained access to CBDC in October 2020.
In February 2021, Mastercard said it would issue a prepaid card supporting Sand Dollar.
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