The central bank of Bahamas will release its own fiat digital currency in order to ensure the economy’s resilience in the event of a natural disaster so we are reading more today in the altcoin news today below.
The CBOB governor John Rolle announced his plan during his speech at the Counsellors Limited’s Exuma Business Outlook at Sandals Emerald Bay according to the local news publication the Nassau Guardian which reported in October 25. According to Rolle, the digital currency has the ability to free the country from dependency on cash mainly if a natural disaster emerges.
The digital currency is being developed under the auspices of the Project Sand Dollar and will be Bahama’s first digital fiat currency. This currency is expected to be accompanied by an associated digital wallet and a card that will have all the identical information. Rolle explained:
“It would permit wireless restoration of payments connectively, avoiding the cash shipment and cash handling frustrations. It would permit electronic dispersing of aid and allow families to recapture personal dignity by restoring the flexibility to prioritize the elements of personal need that they prefer to satisfy post-disasters.”
Rolle noted that after the recent hurricane, the country’s banking sector saw significant damage to the physical structures of Abaco and Grand Bahamas which led to the local banks to shut down all of their operations. This is why the Bahamas will release a new project for weeks and months after the natural disaster, the power grids in affected areas remain inoperative. More than 11 months after Hurricane Maria, some places in Puerto Rico were still without electricity. Richard Myers, the decentralized applications engineer at Global Bahamas at Global Mesh Labs and goTenna commented on the potential impact of practical offline crypto transaction solutions and he explained:
“In many parts of the rural and developing world internet connectivity is both expensive and intermittent. More solutions tailored to these situations would certainly facilitate the use of cryptocurrencies in places where it is needed. Bitcoin transactions can be made over alternative low-bandwidth transport layers like mesh radios and SMS.”
In the meantime, the Republic of the Marshall Islands is also developing its national digital currency as a way to try and get rid of the country’s dependence on the United States dollar which it has been using for a while now.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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