In line with an official ‘announcement‘ published, Bahamas Central Bank has revealed its key collaborators for the event of development of a digital fiat currency system within the island country.
The new project also called “Project Sand Dollar,” the new initiative intends to offer equal access to digital payments capabilities, thereby minimising cash transactions and service delivery prices. The pilot additionally aims to boost operational potency and overall monetary inclusion in communities across the communities within Bahamas.
Moreover for the success of project, the Bahamas central bank can reportedly cooperated with transactions supplier NZIA.io – bringing “together with the collective power and experience of IBM” — and Zynesis, a Singapore-based software development firm providing ‘blockchain‘ solutions. The Bahama’s bank stated that it’ll presently soon begin talks with NZIA so as to agree on the terms along with the scope of the future collaborations.
Additionally within the announcement, the Bahamas central bank also added that the approaching digital fiat currency will comply with the native rules, together with the draft restrictive Central Bank of Bahamas Bill, 2019. The ‘restrictive‘ framework is ready to incorporate policies against ‘money laundering‘ and terrorist funding, and specifications to make sure the digital currency’s complementary status to that of the standard traditionally adopted banking industry.
The Central Bank of the Bahamas primarily ‘revealed‘ its plans to release its own state-backed digital currency, earlier in June last year. However at the time, the Bahama’s deputy prime minister and minister of finance claimed that a digital Bahamian currency will be significantly vital for several islands, as several industrial ‘banks‘ have downsized and left communities without offering banking services.