The CBOB [Central Bank of The Bahamas], is getting ready to make its CBDC project interoperable on a global level.
Bobby Chen, the CBOB’s assistant manager of electronic solutions, revealed that The Bahamas’ digital currency – also referred the “Sand Dollar” – should eventually be interoperable with other international currencies, native press agency ‘The Nassau Guardian’ reported earlier today. While explaining further, Chen added:
“Presently, it’s only utilized in a domestic setting, but eventually we are working on an answer that will make it interoperable with other global assets.”
Cleopatra Davis, head of banking at the CBOB, also added that the Sand Dollar’s interoperability with other wallets might be a key strategy alongside integrating real-time gross settlement and Automated Clearing House. Consistent with Davis, this might permit the movement of the Sand Dollar to and from user bank accounts, which can further facilitate fiat conversions.
Davis also added that the API card-less onboarding is going to be a serious component of the national rollout, scheduled for 20th Oct. The chief outlined that the method became “extremely important during the time of coronavirus pandemic” as it permits users access to the Sand Dollar with none other physical interaction.
The latest news comes follows earlier reports of the CBOB’s plans to launch the currency across the entire archipelago earlier this month. The Sand Dollar initiative was launched earlier last year, with the govt trialing the CBDC on the small islands of Exuma & Abaco earlier in the month of December of that year.