The Bahamas, the first country to issue a central bank digital currency ( CBDC) called the Sand Dollar, is preparing regulations to mandate commercial banks to provide access to the e-money to boost adoption. Central Bank Governor John Rolle indicated that these regulations would be implemented within two years. “We’ve begun to signal that to our institutions,” he told Reuters. The Sand Dollar, introduced in 2020, currently represents less than 1% of the Bahamas’ currency circulation. This move aims to enhance the CBDC’s usage by integrating it into commercial banking systems and encouraging its acceptance by businesses.
Bahamas to Mandate Banks to Distribute Central Bank Digital Currency
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