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Bahamas pushes banks to adopt its digital currency

Jul, 01, 2024 Hi-network.com

The Bahamas, the first country to issue a central bank digital currency (CBDC) with its 'Sand Dollar' in 2020, is now preparing regulations to mandate commercial banks to provide access to the digital currency to boost its adoption. Central Bank Governor John Rolle emphasised the need for commercial banks to distribute the Sand Dollar, as current uptake remains limited. He indicated that regulations should be in place within two years to ensure all commercial banks offer their clients access to the CBDC.

Despite being a pioneer, the Sand Dollar accounts for less than 1% of the Bahamas' currency in circulation, with a significant drop in wallet top-ups from$49.8 million to$12 million in a year. The low adoption mirrors the experiences of countries like Nigeria and Jamaica, which have also seen minimal usage of their CBDCs. Critics argue that CBDCs still need to offer clear advantages over existing payment methods and raise concerns about potential government surveillance.

Rolle believes that mandating banks to integrate the Sand Dollar into their systems will enhance its usage but recognises that the real challenge is encouraging more businesses to accept it as a payment method. Unlike India, which offers financial incentives for using its e-rupee, or Israel, which is considering interest rates on CBDC wallets, the Bahamas does not plan to offer such incentives for the Sand Dollar.

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