The Central Bank of the Bahamas (CBOB) is looking to roll out its self-developed fiat cryptocurrency, in an effort to protect the resilience of the nation’s economies, should natural disasters take place.
John Rolle – the governor of CBOB – has revealed the news during his talk at the Counsellors Limited’s Exuma Business Outlook at Sandals Emerald Bay. Per Rolle, digital coins can be the solution for the country of Bahamas, from its attempts to steer clear from solely relying on fiat – which can be of great help in times of natural disasters.
The crypto coin of the nation is currently being designed, as part of a project dubbed “Project Sand Dollar”, which will be unprecedented in the country. The digital coin will receive support from a crypto wallet and a card, which are also being built simultaneously, that comes with similar data.
“It would permit wireless restoration of payments connectively, avoiding the cash shipment and cash handling frustrations. It would permit electronic dispersing of aid and allow families to recapture personal dignity by restoring the flexibility to prioritize the elements of a personal need that they prefer to satisfy post-disasters.”
Rolle notified that after the latest hurricane took place, the banking industry of Bahamas has witnessed serious aftermath, done to the physical structures of Abaco and Grand Bahamas, which consequently made banks in the regions close down its business. The power plants and has also suffered severe damage from the hurricane.