Bahamas Sand Dollar event
Overview
The Central Bank of The Bahamas issued the Sand Dollar, a digital representation of the Bahamian dollar, which became the first central bank digital currency to launch at a national level globally. Following pilot programmes in Exuma and Abaco, the currency was released nationwide through authorised financial institutions on 20 October 2020. Its stated aims included enhancing financial inclusion across the archipelago's scattered islands and bolstering defences against money laundering and other illicit cash-related activities. Transactions are fully auditable and non-anonymous; users access the currency via the Sand Dollar app after registering with an authorised issuer. Adoption has remained limited relative to cash in circulation.
Within The Counterparty graph, Bahamas Sand Dollar connects to 5 tracked entities, most strongly to Central Bank of The Bahamas, Central Bank of The Bahamas, Central Bank of The Bahamas.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 5 of 5 total).
| Relation | Connected entity | Confidence |
|---|---|---|
governs | Central Bank of The Bahamas | 99% |
issued | Central Bank of The Bahamas | 95% |
regulates | Central Bank of The Bahamas | 95% |
issued_by | Central Bank of The Bahamas | 95% |
deployed_on | Hyperledger Fabric | 80% |
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.
Questions on the record
When was the Sand Dollar launched nationally?
The gradual national rollout by the Central Bank of The Bahamas commenced on 20 October 2020, after pilots in Exuma and Abaco.
Why was the Sand Dollar created?
The two primary goals were to enhance financial inclusion and to bolster national defences against money laundering and other illicit activities facilitated by cash.