Sand Dollars Aren’t Just For Beaches…
This past October the Central Bank of the Bahamas released “Project Sand Dollar”, the world’s first central bank digital currency (CBDC). The Sand Dollar is a digital version of the Bahamian dollar, backed 100% by the Central Bank (unlike bitcoin or other online cryptocurrencies). This Bahamian digital dollar can be used just as you would cash, but with greater flexibility and more security. Residents can utilize the new Sand Dollar though a mobile phone application (IOS or Android) or with a physical payment card. While still early in release, the signs are positive! There are only $130,000-worth of Sand Dollars in circulation (as of December), but the Central Bank of the Bahamas plans to increase as usage expands. One of the main benefits of this new digital dollar is that it is completely free of any transaction fees. Users are able to apply free of charge and can pick which experience is best tailored for their needs. Another bonus is that the Sand Dollar allows small businesses to avoid fees charged by credit card companies on transactions. This innovative way for people to exchange payment will be mutually beneficial for locals and second-homeowners for paying for things from house maintenance to shopping locally!
STEPS TO APPLY:
In order to take steps to enroll, customers should visit an authorized Sand Dollar agent. For a list of Authorized Financial Institutions (AFIs) please click this link HERE.
TIER 1
- $500 eWallet holding limit, with a $1,500 monthly transaction limit.
- Government-issued identification is not an enrollment requirement.
- Cannot link to a bank account.
TIER 2
- $5,000 eWallet holding limit, with a $10,000 monthly transaction limit.
- Government-issued identification is required for enrollment.
- Can be linked to a bank account
FOR MORE INFORMATION ON THE SAND DOLLAR VISIT THEIR WEBSITE HERE.
See details on the SERZ Extension HERE