Citizens of the Bahamas can now pay for goods and services using a prepaid card that supports the country’s Sand Dollar central bank digital currency (CBDC).
Nassau-based payment service provider Island Pay and Mastercard have partnered with the Central Bank of the Bahamas to roll out the card, enabling users to instantly convert the digital currency into conventional Bahamian dollars and make payments both across the Bahamas and at Mastercard-supporting locations globally.
“We welcome this approach to combining digital currency use with access to foreign currency and other payment outlets,” says John Rolle, governor of the Central Bank of the Bahamas.
“The Central Bank of The Bahamas will continue to encourage fintech developments that tie into the Sand Dollar infrastructure, while allowing us to satisfy best global practices for regulation of the space.”
The Central Bank of The Bahamas launched the Sand Dollar digital currency in October 2020.