NASSAU, BAHAMAS — Central Bank officials said yesterday that the Sand Dollar will offer faster payment settlements and lower merchant fees, noting that plans are also in the works to eventually make it interoperable with other global currencies.
Cleopatra Davis, Head of Department Banking noted that while the Sand Dollar – a digital version of the Bahamian dollar – was designed to allow for greater inclusion and accessibility in the local financial ecosystem, it will not eliminate fiat currency.
“In addition to accessibility and inclusion, Sand Dollar is intended to be another means of being able to access financial services. It is not meant to replace cash,” said Davis.
“Naturally we can anticipate that with the increased use of the Sand Dollar there will be less use of cash but we don’t expect the cash to disappear.”