Central Bank of Bahamas has launched central bank digital currency pilot

According to NFCW, the Central Bank of the Bahamas has begun a pilot test of a digital version of the Bahamian dollar, which uses a QR code to allow users to use their smartphones for payments and transfers. The central bank explained in a detailed project report that "the expected result of the Sand Dollar project is that all residents in the Bahamas use the central bank's digital currency through a modern technology platform. The experience and convenience of the legal and other aspects are similar to cash. .It is expected that this will reduce the cost of service provision, increase transaction efficiency, and improve the overall level of inclusive finance. "