The Governor of Central Bank of Bahamas (CBOB), John Rolle, has confirmed that in the second half of 2020, they would introduce the digital Bahamian dollar across the island.
Governor Explains BCCEC The Pilot Project
Rolle, while addressing the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) stated that the CBOB has started its pilot project on the island of Exuma, in December 2019, and soon the initiative would be extended to Abaco, which has been their first choice.
Rolle explained BCCEC that CBOB did not start its pilot project in Abaco because the island has an issue with financial access.
According to the report, presently, in Exuma, the CBOB has been enrolling all 1200 people who have signed up for the project. The report further stated that there were still some people left in the Exuma region who have expressed their interest in participation.
Bahamian Digital Dollar Will Represent Country’s Fiat Currency
While talking about the digital currency, Rolle said that the Bahamian dollar would be the digital representation of the fiat currency of the Bahamas. The governor stated,
“We’re looking at a digital representation of our currency. It’s not a different currency; it’s the same currency. In law, it will never be different. It can’t differ in value in any way or the other so Sand Dollars can never be priced different from Bahamian dollars.”
Rolle told the BCCEC that the main focus of Sand Dollar would be domestic use only. However, if there would be explicit buying and selling of foreign exchanges then the CBOB might link the Sand Dollar with foreign currencies.
The governor claimed that the Bahamas was a bit ahead of other countries because like them (other countries) it was looking into its own digital currencies but from a different point of view. Rolle also said that as soon as the issues related to the legal framework and cybersecurity get resolved, the CBOB would roll out the digital Bahamian dollar all over the island.