Benefits of Sand Dollar digital currency to Family Islands highlighted
As the Sand Dollar digital currency’s national rollout adopts more features, such as wallet-to-account withdrawals and deposits, family islanders without commercial banks could finally recognize a viable solution to some of their problems of living without a physical bank, Governor of The Central Bank of The Bahamas (CBOB) John Rolle said yesterday.
Rolle, who made the remarks during his quarterly press briefing, said the national release of the Sand Dollar is still in its early stages and will continue to be developed over the next four to six months.
“We anticipate that the banking sector, as well as other financial institutions, will be able to use this infrastructure to provide access to their deposits and withdrawal services,” Rolle said.
“The average holder of a digital wallet will have the option of linking their wallet to their bank account, so that the issue of making deposits and withdrawals can still occur from start to finish in the electronic means. For our remote individuals, the ability of completing, from start to finish, financial transactions should be greatly eased.”
Rolle added that infrastructure is being rolled out that will create an electronic know your customer (KYC) network that will allow financial institutions to share information and make it easier on customers who need to utilize different institutions.
“Other financial institutions will be allowed to use that information. KYC will be easily transferable between financial institutions,” said Rolle.