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The Bahamas Are Moving Towards Creating A Mobile-Based Central Bank Digital Currency
Summary: The Bahamas' Central Bank is working towards a mobile-phone based digital currency, a project which was catalyzed by a hurricane in the region last September which destroyed the island's physical banking systems. On Sunday, July 12 the bank released a report reviewing lessons from the devastating hurricane and the early days of COVID-19. It noted that ...
The Bahamas' Central Bank is working towards a mobile-phone based digital currency, a project which was catalyzed by a hurricane in the region last September which destroyed the island's physical banking systems.
On Sunday, July 12 the bank released a report reviewing lessons from the devastating hurricane and the early days of COVID-19. It noted that ATMs remained offline for weeks after the hurricane, while mobile phones were back up and running quickly.
The island sees a mobile phone based CBDC as a protective measure against natural disasters. The island's CBDC effort "Project Sand Dollar" is currently being tested on Abaco island.
By Emily Mason
Tags: Bahamas,CBDC
Link: The Bahamas Are Moving Towards Creating A Mobile-Based Central Bank Digital Currency [Copy]
