Last month, John Rolle, the Governor of the Central Bank of Bahamas, shared an update on the rollout of the Bahamas’ central bank digital currency (CBDC), known as the sand dollar, which went live in October last year.
The digital currency’s motivations are to promote financial inclusion, modernize the payment system, and make private wallet systems interoperable.
While the Bank centrally controls the core infrastructure for minting currency, the customer-facing aspect is primarily done by the private sector. So far, nine institutions have integrated their mobile wallet applications, including four money payment firms, three payment providers, a bank and a credit union.
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