The Bahamas, known for being the pioneer in launching a central bank digital currency (CBDC) called the Sand Dollar, is currently in the process of developing regulations that will require commercial banks to offer access to this electronic money in order to increase its adoption. According to Central Bank Governor John Rolle, these regulations are expected to be enforced within the next two years. “We have already started conveying this message to our financial institutions,” he informed Reuters. Although the Sand Dollar was introduced in 2020, it currently only represents a fraction of the Bahamas’ currency circulation, amounting to less than 1%. The objective of this initiative is to further enhance the usage of the CBDC by integrating it into the existing commercial banking systems and promoting its acceptance among businesses.
