Public Update on The Bahamas Digital Currency Rollout – Marketscreener.com



Public Update on The Bahamas Digital Currency Rollout


Published: Thursday December 31st, 2020

The Central Bank of The Bahamas advises that public access to The Bahamas’ digital currency is
projected to increase during the first quarter of 2021, as financial institutions continue to integrate the
Sand Dollar into their mobile wallet platforms.

Businesses and individuals who have already selected a digital payments provider can expect that the
Sand Dollar will be available within the same environment in which they have enrolled, once their
providers complete systems upgrade.

Early enrolment with a digital wallet provider ensures that the users will have immediate use of Sand
Dollars as soon as the feature is enabled by their wallet provider. Sand Dollar authorised financial
institutions (AFIs) are being encouraged to disclose their product development timelines. This will
provide customers with awareness as to when this digital currency activation would be completed.

All authorised wallet providers will offer interoperable Sand Dollar services. This means that both
enrolled businesses and individuals would be able to send and receive funds with any other digital wallet
once the transaction is in Sand Dollars. However, some payment providers have adopted a two-phased
approach to product development. This would make the Sand Dollar available within their own
networks before such networks are fully interoperable with third-party wallets. Cross-platform
interoperability should also be achieved for such providers during the early months of 2021.

Other firms expect that they will be fully interoperable with third-party Sand Dollar wallets upon initial
product launch.

To date, six firms have successfully completed the cybersecurity assessment and have been cleared to
distribute Sand Dollars within their proprietary mobile wallets. An additional three firms have begun the
cybersecurity assessment process and are likely to complete this evaluation in early 2021. This second
group includes one credit union and one commercial bank.

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During 2021, the Central Bank will accelerate public education around digital financial services. This
campaign includes the launch of the www.SandDollar.bs website on 4 January. The campaign will begin
to intensify in the first quarter once interoperable digital currency access is enabled across multiple
mobile wallet platforms. In January, the Central Bank will unveil more details on the regulatory
environment for the digital currency, including minimum interoperability and financial inclusion
standards.

31 December, 2020

Disclaimer

Central Bank of The Bahamas published this content on 31 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 December 2020 18:56:03 UTC



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