CBDC Summary Update: Recent Reported CBDC Developments Around the World, Part 1

An update on worldwide CBDC developments.

Isaiah 54:14 (KJV)

¹⁴ In righteousness shalt thou be established: thou shalt be far from oppression; for thou shalt not fear: and from terror; for it shall not come near thee.

---

CBDC Update: Recent Reported CBDC Developments Around the World, Part 1

Bahamas: Recent Developments on the Sand Dollar

As I reported previously here, the Central Bank of the Bahamas (CBB) launched its CBDC, the Sand Dollar, in October 2020, and adoption and use of the Sand Dollar remained very low through November 2022, and continues to remain low.

What is the state of CBDC development and use around the world?

According to Reuters’ July 1, 2024 report, “The Sand Dollar currently accounts for less than 1% of currency in circulation in the Bahamas.” So adoption and use of Bahamas’ CBDC continues to remain low.

On July 1, 2024, Reuters reported that the CBB is preparing to force banks to provide access to the Sand Dollar to their customers. John Rolle, the Bahamas’ Central Bank Governor told Reuters that, the Bahamas is now preparing to pass regulations that will require commercial banks to provide access to the CBDC in an attempt to stimulate adoption. Mr. Rolle told Reuters, “We foresee a process where all of the commercial banks will eventually be in that space and they will be required to provide their clients with access to the central bank digital currency."