IMF Chief: Bahamas ‘Leading Revolution’

• The International Monetary Fund’s (IMF) top executive yesterday hailed The Bahamas for leading the revolution” by becoming the first nation to launch a Central Bank Digital Currency (CBDC). 
• Mr Rolle (Bahamian Central Bank Governor) described the Sand Dollar as “the glue that will connect the system together” in terms of modernizing The Bahamas’ payments system infrastructure, with its digitization having “started from ground zero” more than a decade ago. 
• Explaining the rationale for launching the digital Bahamian dollar, he added that it holds out the potential for reduced costs and greater efficiency in payments transactions. 
• This digitization also promises greater financial inclusion and access to financial services, especially in remote Family Island communities without a physical commercial bank branch, while also bringing the so-called ‘unbanked’ and ‘under-banked’ into the formal system.

(Source: The Tribune)