In line with a recent report published by ‘Nassau Guardian’, the chief operating officer of transactions firm ‘NZIA Ltd’, named Jay Joe, added that the Bahamian tech startups need to lead the event of the development of the Project ‘Sand Dollar’.
Project Sand Dollar is an ‘initiative‘ to tokenize the CBOB [Central Bank of the Bahamas] standard fiat currency as a CBDC [Central Bank Digital Currency], that is meant to launch within the Bahamian district Exuma by this year.
Joe explained how he thinks participation from native banks, small and medium-sized enterprises, and entrepreneurs in CBDC implementation are crucial to the budding token’s adoption. He additionally commented on how solutions engineered by native tech startups will likewise be vital in driving the digital token’s mainstream use:
“We are about to build the back end and we will open up the front end to permit native entrepreneurs, tech startups, whomever to be able to build new products and form new services around CBDC. We feel that this is going to be a vital key aspect of actually making this thing become actual, living, breathing thing that people engage in.”
As ‘reported‘ earlier, The Central Bank of the Bahamas signed an agreement with NZIA earlier on 30th May to develop the token, once ‘naming‘ the firm as its “preferred technology solutions provider” at the start of March.
CBOB initially ‘proclaimed‘ its plans for its CBDC at the Bahamas ‘Blockchain‘ and ‘Cryptocurrency‘ Conference earlier in the month of June, last year. Deputy P.M and Minister of Finance of the Bahamas named ‘K Peter Turnquest’, commented on the necessity of digital assets for an island nation, adding:
“A digital Bahamian currency is particularly vital for several family islands as they have seen many commercial banks downsize and pull out of their communities, leaving them without any banking services. As an island nation, where transportation could be an inconvenience for many, particularly the elderly, and costly, we must provide financial services digitally and securely.”