Document Analysis NLP IA
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Summary (IA Generated)
The Bahamas is gunning to become the first country in the world to roll-out a state-backed virtual currency nationwide, and has announced it will launch a central bank–issued cryptocurrency during October.
The assistant manager of eSolutions at the Central Bank of The Bahamas, Chaozhen Chen, told Bloomberg that the digital currency, dubbed ‘Sand Dollars’, is intended to drive greater financial inclusion among the remote islands within the archipelago nation.
Chen noted that the central bank digital currency (CBDC) will be subject to the same regulations as the Bahama dollar, with anti-money laundering and know-your-customer protections surrounding the creation of accounts to use the virtual currency.
The Central Bank of the Bahamas first announced its desire to pilot a CBDC in June 2018, noting that many smaller islands had seen “commercial banks downsize and pull out of their communities, leaving them without banking services.