Reserve Dollar

Bank

Bahamas

Read

Reserve

The Bahamas’ central bank has indicated its intention to force all local banks to accept the country’s digital currency as its popularity slides.
The Central Bank of <a href="https://crypto.news/tag/bahamas/" target="_blank" rel="noopener noreferrer nofollow">The Bahamas</a> plans to mandate all local banks to adopt the country’s central bank digital currency (<a href="https://crypto.news/tag/cbdc/" target="_blank" rel="noopener noreferrer nofollow">CBDC</a>) by 2026, Reuters <a href="http://www.reuters.com/technology/bahamas-regulate-banks-offer-cbank-digital-currency-2024-07-01?data=34234crypto43859345news7y" target="_blank" rel="noopener noreferrer nofollow">has learned</a>, citing the central bank’s governor John Rolle.
Launched in 2020 to expand banking access, the so-called “Sand Dollar” will soon get a significant boost from the central bank’s initiative as “all the local banks [will need] to provide their clients with access to the central bank digital currency,” Rolle said.
While the exact reasons for the accelerated CBDC integration are unclear, the Bahamas’ CBDC currently accounts for “less than 1% of currency in circulation in the Bahamas,” with wallet top-ups plummeting by 75% from $49.8 million to $12 million in August 2023, according to Reuters.
You might also like: <a href="https://crypto.news/central-banks-less-likely-to-issue-retail-cbdcs-in-mid-term-bis-says/" rel="noopener noreferrer nofollow"> Central banks less likely to issue retail CBDCs in mid-term, BIS says </a>
The Bahamas isn’t alone in facing challenges related to CBDC adoption. Nigeria and Jamaica also report minimal usage of their digital currencies, Reuters says. Similarly, India’s digital currency, the e-rupee, has also seen a sharp decline in activity after local banks stopped artificially inflating its metrics.
As crypto.news <a href="https://crypto.news/indias-cbdc-activity-declines-sharply-after-artificial-pump-report/" target="_blank" rel="noopener noreferrer nofollow">reported</a> earlier, the Reserve Bank of India achieved a milestone of 1 million retail transactions last December only after local banks provided “incentives […] to retail users and the disbursement of a portion of bank employees’ salaries using the e-rupee,” one of sources close to the matter said. However, once these incentives were withdrawn, daily transaction numbers “declined to about 100,000,” indicating an “evident lack of organic demand,” one the sources added.
Commenting on the India’s case, Rolle said the Bahamas is unlikely to provide any financial incentives to use its CBDC.
Read more: <a href="https://crypto.news/central-banks-less-likely-to-issue-retail-cbdcs-in-mid-term-bis-says/" rel="noopener noreferrer nofollow"> Germany’s central bank says Eurosystem won’t be able to ‘identify people’ based on CBDC payments </a>

Bahamas regulator to require local banks to provide access to CBDC

crypto.news

1 जुल॰ 2024 को प्रकाशित अन्य लेख

Sony to Launch Crypto Exchange in Japan with Amber Platform

Ethereum Co-Creator Vitalik Buterin Slams 'Anarcho-Tyranny' Of Crypto Regulations, Says 'Useless'...

Ethereum Staking Gets Major Boost With 60,000 Unique Depositors In One Month

BTC, ETH and XRP Price Prediction for July 1

Tether Enables USDT Payments for Philippines Social Security System

IRS Finalizes Crypto Reporting Rules Amid Industry Backlash

रोजाना क्रिप्टो अपडेट पाने के लिए हमारे मुफ्त न्यूजलेटर से जुड़ें!