Sand Dollar - Bahamas' National Digital Currency

Sand Dollar - Bahamas’ National Digital Currency

Sand Dollar is a digital currency based on the Bahamian dollar. It was launched by the Central Bank of the Bahamas (CBB) on the island of Exuma in December 2019. The sand dollar is the first-ever nationwide central bank digital currency (CBDC). It was launched in Exuma after a successful pilot program. In October 2020, the digital currency was made fully available across the country. Central Bank officials ensured that the various wallet providers are fully interoperable.

With the launch of the sand dollar, the CBB hopes to modernize the Bahamian payments system and reduce dependence on cash. It will also provide Bahamians with access to digital financial services.

What is a Sand Dollar?

The sand dollar is a digital representation of the Bahamian dollar that can be used to make payments and purchases electronically. It can be stored in a digital wallet on a mobile phone or other devices.

How do I get a Sand Dollar?

Several authorized wallet providers offer sand dollars: BTC Bahamas, Equitable Banks, Commonwealth Bank, Fintech Consortium, and Family Island Digital Ecosystems (FIDE).

How do I use a Sand Dollar?

You can use sand dollars at participating merchants, pay bills online, and transfer funds between people using Sand Dollars.

Key takeaways

The Sand Dollar is the world’s first-ever nationwide central bank digital currency (CBDC). Currently, the Central Bank is working to achieve complete interoperability between its various wallet providers. As part of the CBB’s efforts to modernize the Bahamian payments system and reduce cash dependence, the sand dollar will promote inclusion by providing Bahamians with access to digital financial services.