The Central Bank of the Bahamas (CBOB) is planning to release its own fiat digital currency in order to ensure economies’ resilience in the event of a natural disaster.
CBOB governor John Rolle made the statement during his speech at the Counsellors Limited’s Exuma Business Outlook at Sandals Emerald Bay, local news publication the Nassau Guardian reported on Oct. 25. According to Rolle, digital currency has the ability to free the country from dependency on cash — particularly useful after a natural disaster.
The Project Sand Dollar
The digital currency is being developed under the auspices of Project Sand Dollar and will be the Bahamas’ first digital fiat currency. The currency is expected to be accompanied by an associated digital wallet and a card that will contain identical information. Rolle explained:
“It would permit wireless restoration of payments connectively, avoiding the cash shipment and cash handling frustrations. It would permit electronic dispersing of aid and allow families to recapture personal dignity by restoring the flexibility to prioritize the elements of personal need that they prefer to satisfy post-disasters.” Read More...