Held together by Central Bank of The Bahamas, the collaboration will enable people to use an official digital currency called ‘The Bahamas Sand Dollar’ for purchases via a prepaid card.
Transactions carried out with the card are automatically converted from digital to fiat currency and will be legal tender for goods and services on the islands (of which there are 700), as well as around the world.
It is hoped that the Sand Dollar will create a more financially inclusive economy, promote more diverse purchasing methods, and facilitate government disbursements. The same value and protections will apply as the Bahamas’ traditional currency.
Read full story in Fintech magazine here