The Central Bank of the Bahamas collaborates with MasterCard and Island Pay to improve the usefulness of the country’s Sand Dollar digital currency. The partnership will specifically allow users to convert sand dollars into regular Bahamian dollars. This, in turn, will allow them to use those sand dollars to pay for goods and services beyond the Bahamas, as they will be able to use those dollars anywhere in the world where Mastercard is accepted.
The Bahamian sand dollar is worth as much as the country’s regular dollar and is issued directly by the Central Bank. The digital currency was tested in 2019 before a full launch in October 2020 and is designed to increase financial inclusion, as physical cash is not always an ideal form of payment in a country made up of …
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- Headline: Mastercard offers full digital currency support in the Bahamas
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