{"id":24120,"date":"2024-07-02T13:00:17","date_gmt":"2024-07-02T10:00:17","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24120"},"modified":"2024-07-02T09:24:56","modified_gmt":"2024-07-02T06:24:56","slug":"bahamas-to-mandate-commercial-banks-support-sand-dollar-cbdc-to-boost-adoption","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bahamas-to-mandate-commercial-banks-support-sand-dollar-cbdc-to-boost-adoption\/","title":{"rendered":"Bahamas to Mandate Commercial Banks Support Sand Dollar CBDC to Boost Adoption"},"content":{"rendered":"<p>To increase acceptance of the &#8220;<em>Sand Dollar<\/em>, central bank digital currency (CBDC), <strong>Bahamas<\/strong> is getting ready to enact laws mandating commercial banks backing of it.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bahamas-to-mandate-commercial-banks-support-sand-dollar-cbdc-to-boost-adoption\/#Legislation_and_Implementation_Timeline\" title=\"Legislation and Implementation Timeline\">Legislation and Implementation Timeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bahamas-to-mandate-commercial-banks-support-sand-dollar-cbdc-to-boost-adoption\/#Current_Adoption_and_Challenges\" title=\"Current Adoption and Challenges\">Current Adoption and Challenges<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/bahamas-to-mandate-commercial-banks-support-sand-dollar-cbdc-to-boost-adoption\/#Global_Perspective_on_CBDC_Uptake\" title=\"Global Perspective on CBDC Uptake\">Global Perspective on CBDC Uptake<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Legislation_and_Implementation_Timeline\"><\/span>Legislation and Implementation Timeline<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>John Rolle, Bahamas central bank governor<\/strong>, admitted in a June 2 Reuters article the less-than-ideal <strong>CBDC<\/strong> adoption thus far. As such, commercial banks will soon be legally obliged to disburse the digital money. Rolle said that within the next two years the CBDC regulations need to be ready for implementation. &#8220;We see a process whereby all of the commercial banks will eventually be in that space and they will be obliged to give their customers access to the central bank digital money,&#8221; Rolle said.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/binance-announces-updates-to-monitoring-tags-for-multiple-tokens\/\"><em><span style=\"font-weight: 400;\">This Might Interest You: Binance Announces Updates to Monitoring Tags for Multiple Tokens<br \/>\n<\/span><\/em><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Current_Adoption_and_Challenges\"><\/span>Current Adoption and Challenges<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Adoption of the<strong> Sand Dollar<\/strong> has been somewhat poor; <strong>the CBDC<\/strong> apparently accounts for less than 1% of the money used in the Bahamas since its inception in 2020. Furthermore, Sand Dollar wallet top-up volume dropped from $49.8 million in the same time in 2022 to barely $12 million between January and August last year.<\/p>\n<p>Although mandating commercial banks to distribute the Sand Dollar would call for major technology changes for each bank, the Bahamas central bank emphasizes the need of increasing the acceptance of the CBDC and mobile payments.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Global_Perspective_on_CBDC_Uptake\"><\/span>Global Perspective on CBDC Uptake<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>The Bahamas<\/strong> is not alone in having difficulties embracing CBDC. Cashing out their digital &#8220;e-CNY&#8221; for conventional currency was preferred by some government employees registered in the CBDC pilot program in China, who cited limited usefulness and worries about government monitoring. Likewise, Nigeria, the first country in Africa to use CBDCs, has witnessed declining rates of acceptance of them. fewer than 1% of Nigerians with bank accounts had e-Naira wallets as of mid-2023; fewer than 1.5% of those wallets were active weekly.<\/p>\n<p>With its &#8220;Sand Dollar&#8221; digital currency issued to all 393,000 of its citizens in October 2020, the Bahamas become the first nation in the world to adopt a CBDC.<\/p>\n<p><em><a href=\"https:\/\/t.me\/coinengineernews\"><span style=\"font-weight: 400;\">Click here to get the latest news from Coin Engineer!<\/span><\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>To increase acceptance of the &#8220;Sand Dollar, central bank digital currency (CBDC), Bahamas is getting ready to enact laws mandating commercial banks backing of it. Legislation and Implementation Timeline John Rolle, Bahamas central bank governor, admitted in a June 2 Reuters article the less-than-ideal CBDC adoption thus far. As such, commercial banks will soon be<\/p>\n","protected":false},"author":6,"featured_media":24123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1,2],"tags":[5178,7127,7128],"class_list":["post-24120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","category-news","tag-bahamas","tag-central-bank-digital-currency-cbdc","tag-sand-dollar"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bahamas to Mandate Commercial Banks Support Sand Dollar CBDC to Boost Adoption - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bahamas-to-mandate-commercial-banks-support-sand-dollar-cbdc-to-boost-adoption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bahamas to Mandate Commercial Banks Support Sand Dollar CBDC to Boost Adoption - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"To increase acceptance of the &#8220;Sand Dollar, central bank digital currency (CBDC), Bahamas is getting ready to enact laws mandating commercial banks backing of it. 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As such, commercial banks will soon be\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/bahamas-to-mandate-commercial-banks-support-sand-dollar-cbdc-to-boost-adoption\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-02T10:00:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-02T06:24:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/bahamas-sand-dollar.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/bahamas-to-mandate-commercial-banks-support-sand-dollar-cbdc-to-boost-adoption\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/bahamas-to-mandate-commercial-banks-support-sand-dollar-cbdc-to-boost-adoption\/\",\"name\":\"Bahamas to Mandate Commercial Banks Support Sand Dollar CBDC to Boost Adoption - 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