The International Monetary Fund (IMF) said the Bahamas’ CBDC, known as the “Sand Dollar”, needed more security.
In a review released today, the IMF noted that the Bahamas’ CBDC, known as the “Sand Dollar”, needs more access and more security to achieve its purpose.
In a survey of the country’s economic and fiscal policy, the IMF stated that its circulating CBDC only represents 0.1%.
The IMF stressed that there are currently “limited ways to use the Sand Dollar”, noting that the country’s central bank “must continue to strengthen internal capacity, including cybersecurity and the resilience of Sand Dollar-related systems.”
Philip Jennings, IMF’s director in charge of the Bahamas, said authorities in the country are planning to expand their public awareness campaigns about CBDC.
Bahamas is one of the world’s leading countries for CBDC. The country recently announced that citizens can use CBDC to pay their taxes.
