Aliv/Cable Bahamas to accept Bahamian digital currency payments
Aliv, at the forefront of all things innovative, participated in The Central Bank of The Bahamas’ “Blockchain & The Bahamas: Raising the Bar” seminar on Monday, March 18. Representing both Aliv and Cable Bahamas, Chief Aliv Officer Damian Blackburn announced that Cable Bahamas and Aliv would accept Sand Dollar payments on day one of the launch of the new central bank-backed cryptocurrency. The seminar was held at the British Colonial Hilton hotel.
The Central Bank of The Bahamas announced at the beginning of March that it selected NZIA Limited as the preferred technology solutions provider to design and implement a digital fiat currency system for The Bahamas known as “Project Sand Dollar”.
Blackburn, who sat as a panelist to discuss the current and future of blockchain/fintech in the country, noted that both companies are well-equipped, network and data wise, to handle the digital world that would facilitate the launch of the Sand Dollar project.
“As soon as the Sand Dollar Project goes live, persons will be able to buy Aliv top up and Aliv plans with it. I’ve also been given the okay by CBL Group Chief Executive Officer Franklyn Butler to announce that you will also be able to pay your Cable Bahamas bill in the same fashion,” he said.
“The speed of everybody adopting it is crucial. I encourage all corporate entities and the government likewise, as I’ve just announced on behalf of the Cable Bahamas group, to consider receiving money in Sand Dollars from day one.”
Blackburn further noted that with digital currency, critical to its success are trust in the currency, ease of registration, compelling reasons to use it, a very effective and trusted cash in and cash out process and complete collaboration from various existing and new industry stakeholders.
“You can bet your bottom Sand Dollar that the day after somebody has received his or her pension money from the government into their Sand Dollar wallet, that they will want to cash it out. If they cannot cash it out in a convenient manner there will be backlash,” he said. “In an area this complex we need the largest amount of collaboration The Bahamas has ever seen. Aliv and Cable Bahamas will have to work closely with the Bahamas Telecommunications Company (BTC) and banks will need to collaborate with solution providers, remittance providers and emerging companies to make it all work.”
The central bank expects that at the conclusion of the Sand Dollar Project, all residents in The Bahamas will have equal, expanded access to modernized digital payments capabilities.