Central Bank to make huge push on Sand Dollar uptake in 2022

The Central Bank of The Bahamas (CBOB) is preparing to introduce Sand Dollars into Family Island communities and also implement a Sand Dollar Academy to enhance buy-in from businesses and financial institutions, the bank revealed in a press statement, noting it has been one year since the rollout of The Bahamas’ digital currency.

CBOB Governor John Rolle said training companies in the use of Sand Dollars could begin as soon as the first quarter of 2022.

According to the press statement, there are now $302,785.04 worth of Sand Dollars in circulation, 28,003 digital wallets using them and about 845 merchants accepting them.

Rolle said in the statement that the CBOB continues to improve the interoperability and functionality of the world’s first Central Bank Digital Currency.

“On this first anniversary of the Sand Dollar, it is important to give an account of what we achieved and highlight that so much more still needs to be done,” Rolle said.

“To achieve the aims of PSD (Project Sand Dollar), the Central Bank and partner agencies must forge a seamless Sand Dollar ecosystem that will achieve the highest productive utilization. We have to achieve a degree of functionality that will attract all stakeholders and potential beneficiaries to get on board and rightfully expect Sand Dollar to improve the ease of their money transactions.”

Rolle contends that Sand Dollars were brought into use primarily to give access to payment systems on Family Islands where commercial banks either did not exist or had left.

Another role Sand Dollar was to play was in modernizing payment systems in The Bahamas.

“Sand Dollar is intended to provide non-discriminatory access to payment systems without regard for age, immigration or residency status nationwide,” Rolle said.

“In disaster recovery, when cash may be inaccessible, a digital payment system is essential. Equally important, the Sand Dollar aims to further enhance The Bahamas’ reputation as a reputable financial jurisdiction, in a world that is constantly challenged to guard against the infiltration of cash proceeds from illicit international trade, such as drug trafficking.

“In a world going cashless and digital, the Sand Dollar is crucial to ensuring equitable economic participation in communities across our archipelago.”

The statement explained that the CBOB has made progress integrating with the Automated Clearing House so that merchants can make deposits directly to their commercial bank accounts.

“Several banks are already processing payments using the customer-initiated bank transfers (CIE) format. At the same time, others are expected to convert to this format by the end of 2021,” the statement noted.

The post Central Bank to make huge push on Sand Dollar uptake in 2022 appeared first on The Nassau Guardian.

source https://thenassauguardian.com/central-bank-to-make-huge-push-on-sand-dollar-uptake-in-2022/