Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Bahamas plans regulations for banks to distribute Sand Dollar CBDC: report

Bahamas plans regulations for banks to distribute Sand Dollar CBDC: report

The Block2024/07/02 10:31
By: The Block
Quick Take The Bahamas’ central bank is developing regulations that would require commercial banks to offer access to its central bank digital currency, Reuters reported. The adoption of the Sand Dollar remains limited, the country’s central bank governor said.

The Bahamas, the first economy in the world to launch a central bank digital currency , is developing regulations to have commercial banks offer access to its Sand Dollar in an attempt to boost adoption, Reuters reported Monday.

John Rolle, the Bahamas' central bank governor, told Reuters that the adoption of the Sand Dollar — the islands’ CBDC launched in 2020 — remains limited so the government is preparing regulations that would effectively force commercial banks to distribute the digital currency.

Rolle said that the central bank foresees a process “where all of the commercial banks will eventually be in that space,” adding that the Bahamas authorities have started to signal the new regulatory direction to local institutions.

The Bahamas’ central bank officially launched the Sand Dollar in October 2020. As of the end of December 2023, the volume of Sand Dollars in circulation rose by 60.8% to $1.7 million from the beginning of the year, central bank data showed. 

The number of personal wallets for the Sand Dollar expanded by 20% throughout the year to 118,955 by the end of last year, according to central bank data.

The central bank did not immediately respond to The Block’s request for further comment.


Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!
Bitget Announcement2025/09/12 07:46
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
New spot margin trading pair — LINEA/USDT!
Bitget Announcement2025/09/11 10:04

Trending news

More
1
New spot margin trading pair — HOLO/USDT!
2
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,405.21
-0.35%
Ethereum
Ethereum
ETH
$4,596.17
-1.29%
XRP
XRP
XRP
$3.04
-3.19%
Tether USDt
Tether USDt
USDT
$1
-0.02%
Solana
Solana
SOL
$244.56
+2.16%
BNB
BNB
BNB
$926.84
-1.10%
USDC
USDC
USDC
$0.9996
-0.02%
Dogecoin
Dogecoin
DOGE
$0.2757
-7.83%
TRON
TRON
TRX
$0.3476
-0.70%
Cardano
Cardano
ADA
$0.8884
-5.57%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter