The Bahamas‘ digital currency is currently used domestically.
The Central Bank of the Bahamas, or CBOB, plans to make its central bank digital currency project internationally interoperable.
Bobby Chen, CBOB’s assistant manager for electronic solutions, said the Bahamas‘ digital currency, called the „Sand Dollar,“ should eventually be interoperable with other global currencies, the local news agency Nassau Guardian reported on October 15.
The Bahamas plans to launch its CBDC in October
Chen said: „At the moment, it is only used in a national Bitcoin Revival environment, but we are finally working on a solution that will make it interoperable with other global currencies“.
Cleopatra Davis, head of banking at CBOB, also said that the interoperability of the Sand Dollar with other portfolios is a key strategy along with the integration of real-time gross settlement and the Automated Clearing House. According to Davis, this will enable the movement of the Sand Dollar into and out of users‘ bank accounts, which will further facilitate fiduciary conversions.
The Central Bank of The Bahamas announces the main technology providers for its upcoming digital currency pilot project
Davis also noted that the addition without an API card will be an important component of the national launch, scheduled for October 20. The executive noted that the process became „extremely important during the COVID-19 era“ because it allows users to access the Sand Dollar without any physical interaction.
The latest news comes after previous reports of the CBOB’s plans to launch the currency throughout the archipelago in October. The Sand Dollar initiative was launched in 2019, and the government tested the CBDC on the small islands of Exuma and Abaco in December of that year.