SandDollar comes out
Digital assets continue to integrate into ecosystems of entire nations. Just today, similar news came from the Bahamas. The local central bank announced its intention to develop a digital analogue of the state currency – SandDollar. Now we will discuss this news. And explain why it is so important for everyone. Even those who are far from the citizenship of the Bahamas.
A bit of theory about the new cryptocurrency
The Bahamian dollar is definitely in need of refinement. Fully dependent on the exchange rate of the US state currency, the Bahamian unit cannot develop independently, moving the economy of the island state forward. This is why the Bahamas government came to the logical decision to try out the influence of Blockchain on its own economic system.
The new, digitized version of the Bahamian dollar is called SandDollar. Digital payments have already been debugged, but so far they are used exclusively for experimental purposes. Gradually, along with cryptocurrency, new financial service providers will come to the country that will help to more efficiently use the potential of crypto. SandDollar, based on the statement of the local cryptocurrency regulator, will develop gradually. First, the asset will be launched in one of the regions of the country and only then will it become global. As early as 2020, SandDollar equals the Bahamian dollar in popularity. But only if the tests succeed.
Note that the development began a long time ago. Back in June last year. The Bahamas finance minister then spoke of the need for a digital asset. The first, but not the only reason for such an urgent need is the island form of the state. In some parts of the country, commercial banks are completely absent, which means that people need a healthy alternative.
How does SandDollar strike the Bahamas?
The government says that the use of digital currency will have a positive impact on every inhabitant of the Bahamas. The central bank is confident that crypto integration will prevent criminals from laundering money. Carrying out economic fraud will become much more difficult. The crime rate will drop. Ordinary people will be able to create savings in a reliable asset. The blockchain guarantees SandDollar’s resilience to any market mechanisms. The state is confident that cryptocurrency will not collapse overnight.
Global Significance SandDollar
At first glance, it may seem that changes in the economy of the Bahamas will not affect residents of other countries. This is not true. In fact, the release of SandDollar is another step towards the legalization of digital money around the world. At the moment, money on the Blockchain is allowed and is developing in the 11 countries.
And now the Bahamas is joining this list. This is a significant step towards the popularization of cryptocurrency and a bright future on the Blockchain. Of course, this is a long-term proces. This requires significant changes in the mentality and approach to money. But all efforts will pay off, since Blockchain has a beneficial effect on the ecosystems of countries, this is proved by real examples. We are sure that the day is not far off when each state will create its own cryptocurrency. In order not to miss such events, follow all the news of the crypto industry with us. We publish only high-quality, relevant material. Thanks for attention. Good luck!