The Central Bank of the Bahamas (CBOB) has now expressed its interest in taking its digital Sand Dollar to international waters – hoping to elevate the CBDC interoperability into a global scale. Notably, this development could come as early as next week.
Current CBOB assistant manager for electronic solutions, Bobby Chen, stated that they are now intensively working on a particular use case that may render the Sand Dollar interoperable with other globally-used currencies. This follows the current domestic success of the digital currency. Chen also noted that six local monetary institutions have already agreed to authorize the Sand Dollar digital currency.
CBOB’s banking chief, Cleopatra Davis, added that the currency’s enhanced interoperability might serve as a crucial strategy aiming to propel the Bahamas’ economy. She says that it may work simultaneously with the Automated Clearing House and the integration of real-time gross expenditure. Davis says that this development will enable the Sand Dollar to move freely from user banks, further elevating fiat conversion rates.
On top of that, Davis stated that this would greatly help Bahamians following the damages incurred by the recent Hurricane Dorian as well as the ongoing global pandemic.