The Central Bank of the Bahamas will gradually launch the digital currency "Sand Dollar" on October 20

According to Blockbeats, the Central Bank of the Bahamas recently announced on Twitter that it will "gradually issue" the consumer-oriented digital currency "Sand Dollar" across the country on October 20. In the first phase, private sector participants such as banks and credit unions will prepare their systems to conduct KYC and other compliance checks on low-value, personal and corporate wallets.

The second phase of Sand Dollar, scheduled for early to mid-2021, will focus on preparing the necessary infrastructure services for CBDCs for governments and the private sector, such as utility companies. The central bank said that more and more financial and payment institutions have begun investing in building mobile wallets for users and are ready to launch corresponding services. According to the statement, these wallets will adopt "multi-factor authentication" security measures.