The Deputy Prime Minister of Bahamas and the Minister of Finance, K. Peter Turnquest, has announced the launch of the Sand Dollar Project on the island of Abaco. The Deputy Prime Minister stated that now the Abaconians would have easier access to financial services.
According to the report, in December 2019, the central bank of Bahamas introduced the first pilot project of the digital Bahamian dollar. The project was started in some of the islands of Exumas, later, it was extended to Abacos.
While talking about the digital dollar, Turnquest said, “A few months ago, the Abaco islands sustained catastrophic damage to their infrastructure, various economic sectors and the very fabric of their lives… Hurricane Dorian was one we will never forget, but it is our hope that through the Sand Dollar, the Abaco islands can find some normalcy again, especially as it relates to their financial sector”.
Turnquest further mentioned that the Sand Dollar would help those people who had suffered great property damage, by providing them easier access to financial services. He also stated that it would be now easy for users to make peer-to-peer transfers, as it would not include any fees now.
The report mentioned that Sand Dollar offers a secure multi-factor authentication to its consumers. While accessing the Sand Dollar app on their mobile, the consumer would not have to worry about safety because they could secure it either by facial recognition or biometrics or by a password.
The report added that while using the Sand Dollar app, the users should keep in mind that although the app is not anonymous, confidential.
Presently, the makers of Sand Dollars have been working on the offline use of the app because at the time of natural disaster the internet problem usually occurs on the island.