Bahamas’ Central Bank Set to Introduce a Digital Currency

Bahamas’ Central Bank Set to Introduce a Digital Currency

The Bahamas has joined a small list of countries that are planning to experiment with central bank digital currencies (CBCD).

The country’s Deputy Prime Minister who also doubles up as Minister of Finance, K. Peter Turnquest, announced during the recently held ‘The Bahamas Blockchain and Cryptocurrency Conference’ that a pilot digital currency will be introduced by the Central Bank of The Bahamas.

With The Bahamas consisting of over 700 islands, islets and cays, Turnquest said that the digital currency would assist in banking the unbanked. This comes in the wake of many commercial banks in the archipelagic state downsizing and leaving communities without vital banking services.

A Necessity, not a Fad

With a central bank digital currency the need to travel long distances to access these services would be reduced thus making life more convenient in a country where transportation is problematic and expensive, per Turnquest. The Deputy Prime Minister of The Bahamas also pointed out that a digital currency would improve the ease of doing business in the country.

“Digitization of our government and financial services complements both our ease of doing business initiatives and our digital Bahamas framework,” said Turnquest.

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In North America, The Bahamas is joined in exploring CBDCs by Canada. This follows the publication of a staff discussion paper late last year by the Bank of Canada, the country’s central bank. The paper authored by Walter Engert and Ben Fung focused on the impact a digital currency issued by the BoC would have on financial stability, the banking system, and the monetary policy among other issues.

 

Credit – CCN / Mark Emem

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