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Bahamas Secured Top Spot For Retail Applications In PwC CBDC Global Index

By Warren Hayes | May 4, 2021
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One freshly-updated ranking regarding international central bank digital currencies (CBDCs) has reportedly granted the Bahamas the top spot, in the field of retail applications.

Specifically, the “CBDC global index” – which made a small part of the overall picture regarding the race to roll out authority-supported cryptocurrencies – was reportedly a project by PwC, conducting surveys regarding the maturity level of the central bank, when it comes to virtual coins deployment. 

The banks will be assessed dependent on two primary factors – retail applications and interbank applications. The prior is about CBDCs where users or firms can hold or send in a straight-forward manner in the form of cash. The scope of Interbank, or wholesale, CBDCs, meanwhile, is limited to high profile financial institutions for settlement.

Benoit Sureau, a PwC partner for the France and Maghreb region, reportedly referred to CBDCs as a “game-changer”, which will help open up “alternative payment solutions for citizens and corporates”. 

“More than 60 central banks have already entered the central bank digital currency race”. 

The retail CBDC ranking reportedly granted the Bahamas a score of 92 out of 100, ahead of every remaining nation. Cambodia secures the second spot by a distance, scoring 83, and Mainland China (75) and Ukraine (71) are next respectively. 

The Bahamas reportedly managed to rake up the score thanks to its successful implementation of its so-called Sand Dollar in October last year. Receiving the support from the Central Bank of The Bahamas, the Sand Dollar functions as a digital version of the national currency, generated through lawfully accepted financial establishments.

“All residents can access the digital wallet through the mobile application or a physical payment card. The records collected during daily operations, such as income and spending information, can support applications for micro-loans.”

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