Wednesday, October 21, 2020

This Is The World's First Digital Currency Bank!

 The Bahamas central bank through a statement announcing the "Sand Dollar", the country's central bank digital currency (CBDC) is now accessible worldwide.

The announcement was made through Project Sand Dollar's Facebook account, explaining that the use of the asset is open to all its citizens starting at 10PM (6 am Malaysian time).

This means that the Bahamas is the first country in the world to successfully formalize full use of the CBDC.

It was previously reported that China is still in the CBDC testing phase, involving an allocation of $ 1.5 million digital yuan in a giveaway program open to its residents. Meanwhile, Bakong, Cambodia's digital currency is expected to be operational in a few months after the end of the testing phase which has started since July 2019.

However, the United States (US) and New Zealand, which have no plans to establish digital assets in the near future, are different.

Sand Dollar transactions can be done using a mobile phone, at any business center provided you have an e-Wallet approved by the Central Bank. There is no charge for each transaction conducted.

For the record, the Bahamas central bank has made careful plans to launch the asset over the past few years. In 2019, they conducted a usage test involving 48,000 Sand Dollars in the Exuma and Abaco Islands carrying a total population of 25,000.

The emergence of the CBDC is seen as opening up opportunities for access to digital payment infrastructure or banking infrastructure among the population who prefer alternative financial services or have never used banking services.