Bahamas Central Bank Launches Digital Currency Testing

December 27, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Central Bank of the Bahamas reported that since December 27, a pilot project of a digital version of the Bahamian dollar has been launched in the Exuma area.

“Although average measures of financial development and access in The Bahamas are high by international standards, pockets of the population are excluded because of the remoteness of some communities outside of the cost effective reach of physical banking services.”

According to local authorities, digitalization of the national currency will open up a number of prospects for the financial system.

Among other things, the central bank is confident that the use of digital currency instead of cash will improve the system of combating money laundering, terrorist financing and other abuses.

“ As the pilot progresses in Exuma, the Central Bank will simultaneously promote the development of new regulations for the digital currency, and strengthen consumer protection, especially around data protection standards. The Bank will also advance reforms to permit direct participation of non-banks in the domestic payments system,” the publication said. — “Early passage of the new Central Bank of The Bahamas Bill will support the creation of some regulations, while additional reforms will be possible under the existing Payment Systems Act. ”

In the summer, the IMF noted that several central banks are considering the possibility of launching their own digital currency. In addition to the Bahamas, it was about China, Ukraine and Sweden.

Author: Marko Vidrih