Starting from yesterday the Central Bank of the Bahamas introduced a digital version of the Bahamian dollar, reports Coindesk. This is part of an initiative under the name 'Project Sand Dollar', towards modernisation of current payments system in the island nation.
As the bank statement says: The intended outcome of Project Sand Dollar is that all residents in The Bahamas would have use of a central bank digital currency, on a modernized technology platform, with an experience and convenience—legally and otherwise—that resembles cash. However, a digital fiat currency would not be a “crypto currency” in any sense resembling private instruments in existence.
So how will be the digital payment process: Sand dollar payments would occur in a secure tokenized environment, requiring just the mobile phone, or the dedicated point of sales terminals that businesses and other receipting entities deploy. The simple payment process will utilize QR codes generated on the payer’s digital Sand Dollar Card or the mobile device.
For individuals, wallets will hold a maximum of $500 with a monthly transactions totals (either payments or receipts) of $1,500.
Sounds too little? Infact no: Personal accounts can hold upto $5,000 with monthly transactions of $10,000 upon identity verification. That's a good sum.
After the Bahamas, most probably China will be 2 nd in the line to introduce a digital version of its currency the 'Chinese yuan' sometime in 2020.
Source: The Central Bank of the Bahamas: Project Sand Dollar
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