Bahamas to regulate banks to offer cbank digital currency

Published on: Monday 01 July 2024

The Bahamas, the first country in the world to issue a central bank digital currency (CBDC), is now preparing regulations that will require commercial banks to provide access to the e-money in a bid to stimulate adoption, its central bank governor told Reuters. The Bahamas' role as a CBDC pioneer - it issued its "Sand Dollar" digital currency in 2020 - means that what it does in the Caribbean is closely watched by the more than 130 countries, from Europe to China, that are now exploring digital versions of their currencies. John Rolle, the islands' central bank governor, who oversaw the Sand Dollar's launch nearly four years ago, said with take-up still limited, carrot was turning into stick and commercial banks were now being told of regulations that will effectively force them to distribute it.

News source: https://finance.yahoo.com/news/bahamas-regulate-banks-offer-cbank-112010574.html

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Bahamas to regulate banks to offer cbank digital currency