Bahamas Central Bank To Deliver First Digital Currency By 2020

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The Central Bank of The Bahamas (CBOB) recently announced plans to have its first digital currency in The Bahamas. According to a report in the Nassau Guardian in May, "CBOB will enter into an official agreement with the executives of NZIA Ltd for the design and implementation of Project Sand Dollar.

NZIA Limited, selected as the preferred technology solutions provider on this project will be required to design and implement the digital fiat currency system.

NZIA Limited builds decentralized wireless payment systems, providing solutions for central banks. The company has offices in Canada, South Korea, Singapore, South Africa and The Bahamas.

According to a news release on NZIA's website, Project Sand Dollar "will implement innovative technologies to reduce reliance on cash.

At a technical level, Sand Dollar promises the modernization of the country's digital payments capabilities, the increase of transactional efficiencies and the reduction of service delivery costs."