Bahamas intends to launch its own digital currency in 2020

The growth in the development of digital currencies issued by state agencies (CBDC) is growing rapidly and Bahamas has announced that it will launch its own digital currency during the second half of 2020.

 Bahamas intends to launch its own digital currency in 2020

Digital currencies of central banks

Many countries have begun to develop their own digital currencies issued by their central banks (CBDC). In this context, the governor of the Central Bank of the Bahamas (CBOB), John Rolle, has confirmed the launch of the digital dollar of the Bahamas for the second half of 2020. According to Barry Silbert, founder of Grayscale Investments, the development of digital currencies issued by central banks will benefit Bitcoin and the crypto ecosystem in general.

The next digital dollar of the Bahamas will be a digital representation of the fiat currency of the country. Rolle explained: "We are seeing a digital representation of our currency. It is not a different currency, it is the same currency. In law, it will never be different. It cannot differ in value in any way or another, so sand dollars never they can be priced differently from the Bahamas dollars."

The Bahamas has already developed a pilot project for digital currency that was originally to be applied in the Abaco region but eventually extended to the island of Exuma. In this regard, Rolle explained that: "Abaco" was actually the first option for the pilot of the digital currency. [...] But we felt that what was missing in Abaco was that financial inclusion, or the issue of financial access, was not so stark in the sense that all banks were present. But in terms of ecosystem, it would have been just as rich."