THE BAHAMAS, A stunning archipelago comprising 700 islands, encounters significant challenges round the year due to its extreme weather conditions and geographical isolation. Many of these areas lack the necessary infrastructure for traditional banking, including bank branches and ATMs. In October 2020, in a move towards providing reliable banking services, the Bahamas launched sand dollar, a Central Bank Digital Currency (CBDC). This marks a major milestone in the expansion of digital banking and helps the Bahamas join the ranks of nations that have successfully implemented CBDC.
In a little over three years, the sand dollar has completely transformed the banking system in the island nation. Powered by blockchain technology and directly tied to the Bahamian dollar, it has successfully filled the void left by traditional banking systems in the Bahamas. With more than 100,000
