The digital currency of the Bahamas, called Sand Dollar, must be used outside the country. This is the aim of the Central Bank, reports The Nassau Guardian.
The solution was originally developed for the domestic market. A few days before the token was issued, regulators said that eventually Sand Dollar must be compatible with other world currencies.
Six authorised financial institutions were given the opportunity to work with Sand Dollar. According to the authorities‘ plan, the new tool will reduce service costs, increase the efficiency of operations and increase the level of financial availability.
We remind you that on 20 October the central bank of the Bahamas will start gradually issuing digital currency. In order to maintain a balance in the market, fiat dollars will be withdrawn from circulation in parallel.
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