By YOURI KEMP
Tribune Business Reporter
ykemp@tribunemedia.net
THE CENTRAL Bank plans to hand out $1m worth of its Sand Dollar digital currency throughout the Family Islands next year in a bid to encourage greater adoption by residents and businesses.
Shaqueno Porter, assistant manager of the regulator’s currency department, told the Long Island Business Outlook yesterday that the Sand Dollar is continuing its expansion through Exuma and Eleuthera. It will reach Long Island and the other southern Bahamas islands in 2023.
“As I look at the outlook for our Family Island Sand Dollar application, for the remainder of 2022 we are going to further the engagement with Exuma and Abaco, and begin our outreach to Eleuthera. So right now we’re working on the northern islands,” Mr Porter said.
“We’re going to continue to work on more of the northern islands, and continue our engagement with New Providence and Grand Bahama. For 2023, we’re really going to focus on the other Family Islands, which includes Long Island, and continue to support the islands that we’ve already been to into. So we’re also going to begin to give away at least $1m to Sand Dollar wallets to encourage the initial use.”
The Sand Dollar was initially launched in Exuma in December 2019, and usage and adoption has been growing slowly but steadily.
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