June 21, 2021

Bahamas’ Sand Dollar nears commercial rollout as interoperability completed

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The Central Bank of the Bahamas has announced that its central bank digital currency, the Sand Dollar, is expected to achieve full interoperability between its various wallet providers within the week.

A recent statement released by the CBoB revealed that authorized financial institutions, or AFIs, such as payments service providers are expected to be finalized within the coming days.

Essentially acting as wallet providers and prospective issuers of the Sand Dollar, the AFIs in question have been subject to rigorous cybersecurity assessments, the bank stated. The institutions that adopted the bank’s own app have already been cleared to participate, while those that intend to use their own proprietary apps are still being processed. A deadline of Wednesday is expected to be met.

In October 2020, the Sand Dollar became the first CBDC in the world to go beyond the pilot stage and achieve an official launch. The centrally issued digital currency became available for use by all Bahamian citizens upon release, while integration with the commercial banking system has been subject to a gradual rollout. The completion of that integration is now imminent, according to theTitle: Bahamas’ Sand Dollar nears commercial rollout as interoperability completed
Sourced From: cointelegraph.com/news/bahamas-sand-dollar-nears-commercial-rollout-as-interoperability-completed
Published Date: Mon, 29 Mar 2021 14:26:57 +0100