A few years ago, any talk of digital currencies taking a significant role within the global financial scene was seen as an uphill battle that cannot be achieved. However, as cryptocurrency has continued to see an increase around the world, this is becoming more of a reality. This hit fever pitch in 2019 when China confirmed that we are working on their own national digital token and since the announcement has been made, lawmakers from Japan to the United States have hammered on the importance of a country having their own national digital token, primarily to keep up with innovation and also to make sure they do not get left behind in the global financial world.
It seems the Bahamas is not wasting any time as a central bank governor has confirmed that their digital token will be adopted no later than the second half of 2020.
John Rolle, the governor of the Central Bank of the Bahamas, presented this new initiative to the Bahamas Chamber of Commerce and Employers Confederation. The project, called project Sandollar, was initially rolled out in December 2019 on the island of Exuma but will then be extended to other regions.
“Abaco actually was the first choice for the digital currency pilot. […] But we felt that what was missing from Abaco was that the financial inclusion, or financial access issue, wasn’t as stark in the sense of all of the banks being present. But in terms of ecosystem, it would have been just as rich,” Rolle said, I think that’s the government is in the process of enrolling the 1200 people who signed up to take parts in the pilot for the project.
Roll also stated that this new digital currency is merely a representation of the already existing bohemian dollar but in a digital form.
“We’re looking at a digital representation of our currency. It’s not a different currency; it’s the same currency. In law, it will never be different. It can’t differ in value in any way or the other so Sand Dollars can never be priced different from Bahamian dollars,” he said.