The Bahamas Central Bank Launched a Pilot Project of its Stablecoin
Representatives of the main financial regulator of the Bahamas announced the start of testing their own stable currency, a digital-analog of the Bahamian dollar Sand Dollar. This initiative is the first step towards a large-scale reform of the country's payment system. Initially, the coin will be tested in the first half of 2020 in the Exuma area, after which it will expand to Abako and several other islands. “The digital asset will help maintain the stability of the financial sector and reduce transaction costs, as well as minimize the risks of crime related to cash flow,” the regulator said. Along with this project, Central Bank will develop new rules for regulating digital currencies and protecting consumers. Recall that Minister of Finance Peter Turnquest spoke about it back in June 2018, he emphasized the importance of creating and implementing a new digital payment service in the state.