Bahamas to release their digital currency in October

The central bank of the Bahamas plans to launch its own digital currency, the Sand Dollar, in October, Bloomberg reported.

The Sand Dollar will make it easier for people in the region to access payments, especially on the more remote islands, which play an important role in the tourism-driven economy, officials said. At the moment, 48 thousand dollars have been issued in Sand Dollar, which are pegged to the regular Bahamian dollar in 1: 1 proportions.

After the launch of the system, users will be able to conduct transactions in Sand Dollar among themselves or with companies using a mobile phone. An internet connection is not required for this.

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