Bahamas Will Require Banks to Support its CBDC

Reading Time: < 1 minute

The Bahamas government is taking steps to boost the use of its “Sand Dollar” central bank digital currency (CBDC) by introducing a new law that will require commercial banks to support it.

According to John Rolle, the governor of the Central Bank of the Bahamas, the uptake of the Sand Dollar has been lower than expected, prompting the government to take action.

The CBDC rules are expected to be implemented within the next two years, and all commercial banks will be required to provide their clients with access to the digital currency.

The Sand Dollar, introduced in 2020, has only accounted for less than 1% of the currency in circulation in the Bahamas. The total volume of Sand Dollar wallet top-ups has also decreased significantly in the past year, indicating a lack of adoption.