Website for Sand Dollar digital currency launched

The Central Bank of The Bahamas (CBOB) launched the official website for its Sand Dollar digital currency yesterday.

“Sand Dollar is much safer than cash,” the website states. “If your purse or wallet is lost or stolen, your cash is gone forever. However, if your mobile phone is lost or stolen, your Sand Dollars are safe because they are not stored on the device.”

The website reveals the tiers that Bahamians can sign up for, including a tier two mobile wallet that allows for a wallet balance of $5,000 and monthly transactions of $10,000.

The tier two wallet will also be able to link to the user’s bank account and requires government-issued identification for enrollment.

The tier one wallet does not require identification and has a holding limit of $500, with monthly transactions capped at $1,500.

Central Bank Governor John Rolle has said repeatedly that mobile wallets are not meant to replace bank accounts, but will be able to work in tandem with commercial bank systems.

The website also reveals that authorized financial institutions, where Bahamians are able to sign up for a Sand Dollar account, include Kanoo, Sun Cash, Mobile Assist, Omni Financial Group, Money Maxx and Cash N’ Go.

It is understood that other firms are readying their systems to be able to transact Sand Dollar payments.

According to the website, the key objectives of the Sand Dollar are to “increase the efficiency of the Bahamian payments system through more secure transactions and faster settlement speed; provide non-discriminatory access to payment systems without regard for age, immigration or residency status; achieve greater financial inclusion, cost-effectiveness and provide greater access to financial services across The Bahamas; and strengthen our national defenses against money laundering, counterfeiting and other illicit ends by reducing the ill effects of cash usage”.

The website also urges businesses to become Sand Dollar enabled, given that its transactions are safer than cash; provide an auditable paper trail; is able to be processed through a mobile phone or integrated point-of-sale terminal; provides faster settlement than credit or debit cards; enables fast fund transfer; reduces the cost of using cash and carries lower merchant fees than other electronic payment systems.

“Merchant wallets have a holding limit of $8,000 to $1,000,000 with unlimited annual transactions,” the website states. “Merchant wallets must be tied to a bank account and produce the following documents during enrollment: a valid business license and value-added tax certificate.”

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source https://thenassauguardian.com/website-for-sand-dollar-digital-currency-launched/