Central Bank Of Bahamas Puts Virtual Currency On Official Balance Sheet

The Central Bank of Bahamas accomplished a little-known breakthrough in its financial statement published in the month of April this year. The bank included its new-fangled virtual currency on its balance sheet.

The virtual asset is first included on the 47th page of its annual report. The Central Bank of Bahamas notes that it had put forty-eight thousand USD worth of the Sand Dollar into circulation.

The document further mentions,

“The Bank made a pilot testing of the Sand Dollar in Exuma and has issued Sand Dollars in circulation valued at $48,000 to various retailers.”

It is to be noted that the Sand Dollar project belongs to a range of CBDC projects, including those being steered by China, Bahamas, the European Central Bank, and other centralized institutions.

Notably, the Sand Dollar envisioned to aid reform the area’s financial system and digitize the Bahamian dollar, is anticipated to go live in the 4th fourth quarter of 2020.