Central Bank Of The Bahamas To Make Its CBDC Project Interoperable On An International Level
Central Bank Of The Bahamas To Make Its CBDC Project Interoperable On An International Level
October 16, 2020
Central Bank Of The Bahamas To Make Its CBDC Project Interoperable On An International Level
Central Bank Of The Bahamas To Make Its CBDC Project Interoperable On An International Level
October 16, 2020

The Central Bank of The Bahamas (CBOB) is planning to make its central bank digital currency (CBDC) project interoperable on an international level.

On October 15, it has been reported by local news agency the Nassau Guardian that Bobby Chen, the Assistant Manager of Electronic Solutions at the CBOB, claimed that The Bahamas’ digital currency, named the “Sand Dollar” should eventually be interoperable with other global currencies.

However, Chen said:

“At the moment, it is currently only used in a domestic setting, but eventually we are working on a solution that will make it interoperable with other global currencies.”

Cleopatra Davis, the head of Banking at the CBOB, also said that the Sand Dollar’s interoperability with other wallets is a key strategy alongside integrating real-time gross settlement and Automated Clearing House.

According to Davis, this will enable the movement of the Sand Dollar to and from user bank accounts, which will further facilitate fiat conversions.

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Also, Davis noted that the API card-less onboarding will be a major component of the national rollout, scheduled for October 20.

The executive outlined that the process became “extremely important during the time of COVID-19” because it allows users access to the Sand Dollar without any physical interaction.

The latest news comes after previous reports of the CBOB’s plans to launch the currency across the entire archipelago in October.

Thus, the Sand Dollar initiative was launched in 2019, with the government trialing the CBDC on the small islands of Exuma and Abaco in December of that year.

Source: Cointelegraph | Image: EWNews


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.