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The Bahamas' digital currency called Sand Dollar must be used outside the country. These goals are set by the Central Bank, reports The Nassau Guardian. The solution was initially developed for the domestic market. A few days before the release of the tokenregulator representatives said that the Sand Dollar should ultimately be compatible with other world currencies.
Six authorized financial institutions were given the opportunity to work with Sand Dollar. As conceived by the authorities, the new instrument will reduce the cost of providing services, increase the efficiency of operations and the level of financial inclusion. Recall that on October 20, the Central Bank of the Bahamas will begin a gradual release of digital currency. To maintain a balance in the market, fiat dollars will be withdrawn from the turnover in parallel.