The Central Bank of Bahamas looks towards deploying its digital Sand Dollar currency at a global level. With the central bank digital currency’s (CBDC) upcoming launch next week, officials from the central bank hinted at making the digital currency interoperable with other global currencies.
Interoperability With Global Currencies
As per local media report, Bobby Chen, assistant manager of electronic solutions CBOB, said that the central bank is planning on working Bahamas’ digital currency for international outreach, adding “At the moment, it is currently only used in a domestic setting, but eventually we are working on a solution that will make it interoperable with other global currencies.”
The central bank official first remarked during a virtual presentation of the Bahamas Chamber of Commerce and Employers’ Confederation for business, ahead of the launch. The presentation also unveiled the six financial institutions, authorizing the CBDC to go public, including Omni Financial Group, Cash and Go, Mobile Assist, Kanoo, Money Maxx, and Sun Cash.
Featuring API Card-Less Onboarding and More
Head of Banking at CBOB, Cleopatra Davis said “Some of the central strategies around Sand Dollar is the API card-less onboarding. This became extremely important during the time of COVID-19 because we realized it’s not business as we know it before COVID-19. So, mobility and face-to-face may not be as easily accessible.”
David further said that a central feature of the Bahamian digital currency nationwide launches is its API card-less onboarding, while adding “So, through the API card-less onboarding you’re going to be able to have access to Sand Dollar without physically entering a business place to do so” while also highlighting its offline functionality.
Davis also said, “This is critical as we would have seen with Hurricane Dorian. How do we continue to transact if we don’t have electricity if we don’t have a cell phone network? This is a key component, a key strategy that was built into the Sand Dollar platform.”
The Central Bank of Bahamas initially announced on launching a central bank digital currency back in 2018. A year later, the bank teamed up with transaction provider service NZIA.io to launch its CBDC by 2020.