The Bahamas will start issuing cryptocurrency on October 20

The Central Bank of the Bahamas will begin the gradual release of the national cryptocurrency outside the pilot territories of Exuma and Abaco from October 20 this year. The Sand Dollar project is a continuation of the authorities’ initiative to modernize payment systems, which started in 2000, according to the official press release of the regulator.

The first phase of deployment will cover authorized accounts, each of which will undergo user data verification, taking into account possible risks and KYC requirements. Thus, the crypto project does not provide for anonymity during operations. “The second stage of national interaction will focus on public services, and in the first and second quarters of 2021 it will become more intense,” the document says and emphasizes that the Central Bank is working with the country’s lending institutions to promote the adoption of the new digital currency.

We add that by introducing a new asset, the authorities intend to reduce the cost of providing services and increase the level of financial affordability for the population.