<h2>The Bahamas Plans to Develop Its Fiat Digital Currency</h2>
The Central Bank of the Bahamas (<a href="https://www.centralbankbahamas.com/">CBOB</a>) is all set to release its fiat digital currency. The development of digital currency intends to get the quick recovery of the economy's potency. That has faced a difficult period after the natural disaster happened in the Bahamas.

The local news outlet, Nassau Guardian published a report on 25 Oct. As per the report, Governer of CBOB, John Rolle made a statement while his presentation at the Counsellors Limited's Exuma Business Outlook. According to the Rolle, digital fiat currency will help to counter the cash dependence specifically after the event of a natural disaster.
<h3>The Project Sand Dollar</h3>
Reportedly, this will be the Bahama's first-ever fiat digital currency. And the currency is being developed under the complete supervision and support of Project Sand Dollar. Also, the currency is to be associated with a digital wallet and card will having identical details. Rolle elaborated:
“<em>It would permit wireless restoration of payments connectively, avoiding the cash shipment and cash handling frustrations. It would permit electronic dispersing of aid and allow families to recapture personal dignity by restoring the flexibility to prioritize the elements of a personal need that they prefer to satisfy post-disasters.”</em>
<h3>Influence of Recent Natural Trauma on Banking Sector</h3>
Rolle stated that after the recent natural disaster, the country's banking industry had to face the prominent difficulties and damage to the apparent structure of Abaco and Grand Bahamas. And consequently, that became the cause of the shutting down of operations that were being run by local banks.

Furthermore, the weeks and months after the hurricane, power grids became inoperative in affected areas. Moreover, even after 11 months of this hurricane Maria few areas in Puetro Rice faced lack of electricity supply.

Making a statement on the potential impact on practical offline crypto funds solutions, decentralized applications engineer at Global Mesh Labs, Richard Myers told:
<em>“In many parts of the rural and developing world internet connectivity is both expensive and intermittent. More solutions tailored to these situations would certainly facilitate the use of cryptocurrencies in places where it is needed. Bitcoin transactions can be made over alternative low-bandwidth transport layers like mesh radios and SMS.”</em>

Besides, the Republic of the <a href="https://www.cryptoknowmics.com/crypto/marshall-islands-developing-native-cryptocurrency-to-boost-economy/">Marshall Islands</a> is also planning to release its national digital currency in order to be free from the dependence of the US dollar, which it has been utilizing for a vast period of time.

The Bahamas Plans to Develop Its Fiat Digital Currency

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