The Central Bank of the Bahamas is planning to create a government-backed pilot cryptocurrency, this announcement was made by the Finance Minister of the island.
“As an island nation, where transportation can be an inconvenience for many, especially the elderly, and costly, we must offer financial services digitally and securely. Digitization of our government and financial services complements both our ease of doing business initiatives and our digital Bahamas framework,” said deputy Prime Minister and Finance Minister of the island.
The Bahamas is joining a small list of countries that are planning to experiment with central bank digital currencies. Norway’s Central Bank is currently studying if launching its own cryptocurrency would be positive for the country. Falling cash use was cited as the motivation for Sweden’s central bank, Riksbank, to might issue an e-krona. Research has also been conducted by the Bank of Canada with a view to determining the risks and benefits that would come from issuing its own digital currency.