The Bahamas’ Sand Dollar, a digital currency, is expected to be used beyond the country. The central bank is aiming for such a goal, as reported by The Nassau Guardian.
Initially, the scheme was developed for the domestic market. A few days before the token’s release, regulator officials stated that Sand Dollar should ultimately be compatible with other global currencies.
Six authorised financial institutions have gained the ability to work with Sand Dollar. Under the plan, the new instrument will reduce the cost of services, raise the efficiency of operations, and improve financial inclusion.
The Bahamian central bank will begin a phased rollout of the digital currency on October 20. To maintain market balance, fiat dollars will be withdrawn from circulation concurrently.
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