“Sand Dollar”, the first CBDC in the world will be released next week

The Central Bank of The Bahamas (CBOB), is planning to make its central bank digital currency (CBDC) project interoperable on an international level. 

CBOB assistant manager of electronic solutions Bobby Chen, while speaking during a virtual presentation for businesses ahead of the Sand Dollar’s launch, which is scheduled for October 20. The Sand Dollar is backed 1:1 to the Bahamian dollar (BSD) which, in turn, is pegged to the U.S. dollar.

The central bank governor expects the digital fiat currency to be the panacea that will help citizens and businesses access payment services after a powerful hurricane, like Dorian, ravages the country. For individuals, having a reliable payment system after a natural disaster means they can purchase resources that can address their needs. For businesses, it could mean immediate insurance payouts.

Cleopatra Davis, head of banking at the CBOB, also said that the Sand Dollar’s interoperability with other wallets is a key strategy alongside integrating real-time gross settlement and Automated Clearing House. According to Davis, this will enable the movement of the Sand Dollar to and from user bank accounts, which will further facilitate fiat conversions.

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