NASSAU, Bahamas — The Central Bank of The Bahamas (CBOB) has formally launched its engagement with NZIA Limited, putting the pilot project in action for Project Sand Dollar, the country’s first digital fiat currency, the Nassau Guardian reported May 31.
The pilot project will first be rolled out in Exuma before being extended to other Family Islands, Central Bank Governor John Rolle said during a signing ceremony on Thursday, May 30, 2019. Engagement with the community and key stakeholders in the payment systems space will begin “almost immediately”. However, it will be some time until the Central Bank Digital Currency (CBDC) will be ready for use by consumers.
The digital fiat currency will take the form of a digital wallet, also known as an e-wallet, that would be accessible through a smart phone application.
“We do anticipate that as we go into this third quarter, before the end of this year as you go into the third and fourth quarter we can expect that there are individuals who will have this wallet in their possession. We are going to be in Exuma almost exclusively for a while and it’s expected that during 2020 as we start to internalize the lessons from Exuma, we can look to generalize to the rest of The Bahamas,” Rolle said. See BAHAMAS CHRONICLE at https://thenassauguardian.com/2019/05/31/digital-currency-project-will-first-be-rolled-out-in-exuma/?fbclid=IwAR3a7pl1fkLxZp_CLMC06zczEjEwdxBy9kkwCFsdVvqzO-BNb74cfK3hWEQ
