Bahamas expands digital currency pilot

Abacao Bahamas Beach Sand Dollar central bank digital currency pilot
SECURE PAYMENTS: The Bahamas has extended its Sand Dollar digital currency pilot to the island of Abaco

The Central Bank of The Bahamas has extended its central bank digital currency pilot to the island of Abaco and revealed that the new Sand Dollar currency will include support for offline functionality.

The Sand Dollar pilot lets citizens use a digital version of the Bahamian dollar to make payments and transfer funds using their smartphones.

“Through the Sand Dollar, Abaconians can now make payments at local grocers or gas stations right through their mobile devices in real time,” deputy prime minister K Peter Turnquest explained.

“Additionally, Sand Dollar allows for seamless peer-to-peer transfers. Furthermore, consumers can feel secure as the Sand Dollar offers multi-factor authentication where they can use facial recognition, biometrics or a password to access their Sand Dollar app on their mobile devices.

“It is also important to note that the Sand Dollar is not anonymous but is confidential.”

“A number of key components will be unlocked through the Sand Dollar, including offline functionality following hurricanes and other natural disasters,” he added.

“Users will be able to make payments or transfers in the absence of Wi-Fi or data capabilities.”