The Bahamas Reveal Details, October Date of Landmark Central Bank Digital Currency Debut
The “gradual” national release of Central Bank of the Bahamas (CBOB) Sand Dollar central bank digital currency (CBDC) will begin on October 20, 2020. In the first phase, authorised financial institutions (AFIs) will ready their systems with know-your-customer (KYC) and other compliance checks across low-value, personal and enterprise wallets. The CBOB said it has subjected the Sand Dollar to a “rigorous cybersecurity assessment” to overcome public fears of paying with a digital currency. Regulations surrounding the Sand Dollar will be “crystalized” in the public space over the month of October. Sand Dollar’s second phase, slated for early- through mid-2021, will focus on preparing essential infrastructure services in the government and private sectors, such as utility companies, for the CBDC.
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