Bahamas wants to force banks to support its ‘Sand dollar’ CBDC

The Bahamas was one of the first countries in the world to launch a central bank digital currency — the “Sand Dollar” in 2020 — and is now looking for ways to boost its adoption.

The Bahamas is preparing to introduce legislation requiring commercial banks to support its “Sand Dollar” central bank digital currency and hopefully boost its adoption.from Reuters, John Rolle — the governor of the Bahamas central bank — said that due to a less-than-ideal uptake of the“We foresee a process where all of the commercial banks will eventually be in that space and they will be required to provide their clients with access to the central bank digital currency,” Rolle added.

Meanwhile, the total volume of Sand Dollar wallet top-ups has fallen to just $12 million between January and August last year, plummeting from $49.8 million in the same time frame in 2022. While requiring commercial banks to distribute Sand Dollar would mean significant tech overhauls for individual banks, the Bahamas central bank says boosting adoption of the CBDC and mobile payments more broadly is crucial.preferred to cash out their digital

Source: Digital Coin News (digitalcoinnews.net)

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