Golden Outpost | The Central Bank of the Bahamas plans to launch a digital currency Sand Dollar in October

The Central Bank of the Bahamas plans to officially launch the national digital currency Sand Dollar nationwide in October.

The “Sand Dollar” is understood to be a “digital legal tender” and not a competitor to cryptocurrencies, stablecoins or the Bahamian dollar. It's just a digital version, equivalent to paper money in every way. Residents can pay retailers via a QR code linked to the wallet, while the bank transfers the funds digitally. The Central Bank of the Bahamas believes this could ultimately cut currency printing costs and transaction fees while enhancing financial inclusion.

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The computing power of the BTC network is 151.753EH/s, the mining difficulty is 25.05T, the current block height is 686043, and the theoretical income is 0.00000625/T/day.

The computing power of the entire ETH network is 603.487TH/s, the mining difficulty is 7795.43T, the current block height is 12558939, and the theoretical income is 0.00279439/100MH/day.

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The BCH network computing power is 2.596 EH/s, the mining difficulty is 0.37T, the current block height is 690580, and the theoretical income is 0.00034671/T/day. [2021/6/3 23:07:28]

According to reports, the central bank digital currency (CBDC) will be subject to the same rules as the Bahamian dollar, and there will be anti-money laundering and KYC protections when creating accounts using the digital currency.

Golden Morning News | January 28 Overnight Important Updates: 21:00-7:00 Keywords: Bank for International Settlements, Miami, Ninepoint Partners, Robinhood

1. The head of the Bank of International Settlements expressed doubts about the long-term viability of Bitcoin;

2. BIS: It is still several years before the global adoption of CBDC;

3. The city of Miami uploads the Bitcoin white paper to the municipal website;

4. Hengxingye, a wealth management company in Hong Kong, expanded into the field of cryptocurrency services;

5. The monthly trading volume of DEX hit a record high;

6. Ninepoint Partners launches Bitcoin Trust in Canada;

7. Grayscale BTC Trust increased its holdings by 890, and its LTC holdings increased by 0.71%;

8. The Robinhood platform has cryptocurrency trading problems;

9. ETH2.0 is expected to undergo a small-scale network upgrade in the middle of the year; [2021/1/28 14:11:07]

In addition, according to news in March this year, Bahamas Deputy Prime Minister and Minister of Finance K Peter Turnquest stated that Sand Dollar is supported by the central bank’s external reserves and provides multi-factor authentication. Consumers can use facial recognition, biometrics or passwords. Access the Sand Dollar app on their mobile device.

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As early as June 2018, the Central Bank of the Bahamas first announced its desire to pilot a CBDC, and launched the “Sand Dollar” pilot project in 2019.

In July of this year, the Central Bank of the Bahamas stated that it will devote itself to building the central bank's digital currency CBDC payment function into mobile phones or smart cards in the next few years, and plans to build it into a more disaster-resistant retail payment system to cope with emergencies such as hurricanes and epidemics. Instability of banking and payment systems in the context of events. In August, the Central Bank of the Bahamas included its digital currency, the Sand Dollar, on the balance sheet of its annual financial statements. The central bank noted that it has put $48,000 worth of Sand Dollars into circulation.

In addition to the Bahamas and China, which have launched pilot CBDCs, according to the latest report of the blockchain platform Xangle "Overview of Global Central Bank Digital Currency Research and Development", about 80% of central banks around the world are engaged in central bank digital currency (CBDC) related work. This figure represents an increase of 15 percentage points from 2017. From the perspective of major countries, Switzerland, the United Kingdom, and Norway are in the basic concept research stage, and Singapore, the EU, France, Canada, and South Korea have entered the concept proof stage.

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