The Central Bank of the Bahamas officially launches its 'sand dollar' digital currency
October 21, 2020, 3:46PM EDT
1 min read
The Central Bank of the Bahamas (CBOB) has launched its new digital fiat currency sand dollar, the bank announced Tuesday.
The sand dollar is meant to be a digital version of the Bahamian dollar as part of the bank's ongoing efforts to implement digital payments system infrastructure into its current operations.
According to the bank's website, the sand dollar will be used to improve access to regulated payments and financial services for "under-serviced communities and socio-economic groups," as well as to cut down service delivery costs and increase the efficiency of transactions throughout the country.
Last week, the bank announced that the sand dollar will not just be limited to local transactions.
“At the moment, it is currently only used in a domestic setting, but eventually we are working on a solution that will make it interoperable with other global currencies,” CBOB assistant manager of electronic solutions Bobby Chen told the Nassau Guardian.
Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency.
The Canadian Securities Administrators, an umbrella group for securities regulators in the country, alongside a self-regulatory organization for the investment industry, has released new guidance for crypto exchanges on the use of social media as well as advertising and marketing.
LMAX Group robust technology and familiar institutional grade trading infrastructure (currently processing over 2 billion orders per day in the global FX market) is the solid backbone of LMAX Digital, delivering access to deep institutional liquidity, transparent price discovery, a regulated trading environment and a full custodian trading solution.