The Central Bank of the Bahamas will have CBDC payment functions built into mobile phones or smart cards in the coming years

The Central Bank of the Bahamas stated that in the next few years, it will work to make the central bank’s digital currency (CBDC) payment function built into mobile phones or smart cards, and plans to make it a more disaster-resistant retail payment system to deal with emergencies such as hurricanes and epidemics The instability of banks and payment systems in the context. The Central Bank of the Bahamas claims that its central bank digital currency (Sand Dollar) has advantages such as ease of use and contactless payment. Lianwen previously reported that in December last year, the Central Bank of the Bahamas began piloting “Sand Dollar” on Exuma Island. The pilot program will continue until the first half of 2020. The Central Bank of the Bahamas stated that “Sand Dollar” is a digital version of fiat currency and is not a competitor to cryptocurrency, stablecoin or fiat currency. The digital currency is “equal to paper money in all respects” and residents can use the QR code associated with the wallet Payments are made to retailers, while banks transfer funds in digital form.