The chief executive officer of transactions firm NZIA Ltd, Jay Joe, says Bahamian tech startups will have to lead the event of Project sand dollar, as per a report by the Nassau Guardian on May 31.
Project sand dollar is an initiative to tokenize the central bank of the Bahamas’ (CBOB) fiat currency as a central bank digital currency (CBDC), that is meant to launch within the Bahamian district Exuma this year.
Joe mentioned, however, he thinks participation from local banks, small and medium-sized enterprises, and entrepreneurs in CBDC implementation are going to be crucial to the budding token’s adoption. He conjointly commented on however solutions built by native tech startups can likewise be vital in driving the digital tokens through use:
“We are going to build the rear end and we can open up the face to allow native entrepreneurs, tech startups, whomever to be ready to build new merchandise and create new services around CBDC. we feel that this is often visiting be a key aspect of really creating this thing becomes a true, living, breathing thing that folks engage in.”
As antecedently reported by Top Market Group, the central bank of the Bahamas signed an agreement with NZIA on might thirty to develop the token, when considering the firm as its “preferred technology solutions provider” at the beginning of March.
CBOB initially declared plans for its CBDC at the Bahamas Blockchain and Cryptocurrency Conference in June 2018. Deputy Prime Minister and Minister of Finance of the Bahamas, K Peter Turnquest, commented on the importance of digital currency for an island nation, saying:
“A digital Bahamian currency is very necessary for the various family islands as they need to see many commercial banks downsize and pull out of their communities, leaving them while not banking services. As an island nation, wherever transportation will be an inconvenience for several, particularly the senior, and costly, we should provide money services digitally and securely.”
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