In October 2020, The Bahamas launched the world’s first central bank digital currency (CBDC), the SandDollar. Three years on, as CBDC testing and development takes off worldwide, Derek Sean Rolle, Deputy Governor, Central Bank of the Bahamas, shares SandDollar’s story so far.
The SandDollar is a digital representation of the Bahamian dollar, with the same rights as banknotes or coins, designed to be used on mobile wallet platforms. Unlike cryptocurrencies, which are stored-value digital assets, the SandDollar is true legal tender, its stability and value backed by foreign reserves.
In October 2020, The Bahamas launched the world’s first central bank digital currency (CBDC), the SandDollar. Three years on, as CBDC testing and development takes off worldwide, Derek Sean Rolle, Deputy Governor, Central Bank of the Bahamas, shares SandDollar’s story so far.
The SandDollar is a digital representation of the Bahamian dollar, with the same rights as banknotes or coins, designed to be used on mobile wallet platforms. Unlike cryptocurrencies, which are stored-value digital assets, the SandDollar is true legal tender, its stability and value backed by foreign reserves.