The Central Bank of Bahamas has plans to issue a digital currency come October 31st starting with the island of Abaco.
According to a report by the Nassau Guardian on Oct. 25th, the Central Bank is considering a fully digital currency to replace cash as apart of their Project Sand Dollar initiative. Abaco is the first location for experimentation.
The central bank has plans to issue a debit card for using the digital currency, in addition to creating a mobile-friendly e-wallet for smartphone users.
John Rolle, Central Bank Governor told the Nassau Guardian the initiative is aimed at improving the island’s economy.
He said,
It will allow the [Central] Bank to test aspects of the emergency wireless communications features that would enable rapid financial services recovery and to connect with many retail businesses early in their recovery process.
He added that “fully accessible and enabled digital mobile payments would resolve many logistical challenges at once.”