August 12, 2022

The Bahamas gets a card for its sand dollar national digital currency

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The Bahamas is moving to make its national digital currency more accessible by launching a prepaid card for the “sand dollar.”

The Central Bank of The Bahamas has partnered with global payment giant MasterCard and local payment startup Island Pay to create a card that supports the sand dollar central bank digital currency.

According to a Feb. 17 announcement, the card is running under a new program from Mastercard and Island Pay, allowing users to convert the digital currency to traditional Bahamian dollars and pay for goods and services. The new card will be accepted for payments across the Caribbean region as well as other locations supporting Mastercard, the companies said.

The new solution is based on tech from Island Pay, a digital payment startup mainly operating across the Caribbean region. The company holds a license from the Central bank of The Bahamas to operate as a payment service provider and electronic money institution.

The announcement does not provide more details on how exactly Mastercard’s CBDC technology works. As previously reported, the company has been actively engaged with several major central banks around the world to support CBDCTitle: The Bahamas gets a card for its sand dollar national digital currency
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Published Date: Wed, 17 Feb 2021 14:12:46 +0000