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Bahamas strikes first with Sand Dollar amid US–China CBDC faceoff

Published 10/26/2020, 01:05 PM
Updated 10/26/2020, 02:40 PM
Bahamas strikes first with Sand Dollar amid US–China CBDC faceoff

Bahamas strikes first with Sand Dollar amid US–China CBDC faceoff

The Bahamas, an island nation in the West Indies, made digital currency history on Oct. 20 with the official launch of a new central bank digital currency, the so-called Sand Dollar. It became the first country to roll out a CBDC available to all residents, and while the Bahamas is a small nation — with only 393,000 people — it appears to be an event of some global financial significance.

Or is it? “It could be if it succeeds,” Ross Buckley, KPMG-KWM professor of disruptive innovation at University of New South Wales, Sydney, told Cointelegraph. “Other small island nations — as in my backyard in the Pacific — are watching it carefully and could well follow suit.”

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