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Bahamas joins the list of CBDCs by considering a central bank issued digital currency

The Bahamas is studying the possibility of presenting a reserve bank provided digital currency in the islands. K. Peter Turnquest, who acts as the nation’s Deputy Prime Minister and as Minister of Financing too has expressed throughout a conference concentrating on cryptocurrencies and blockchain innovation that a pilot digital currency will be presented by the Reserve bank of the Bahamas.

The Bahamas cover more than 700 islands in the Caribbean, which consists lots of islands and islets that still have no banks nor banking services. A blockchain based digital currency might be a crucial service in such cases inning accordance with Turnquest. Individuals might access banking services without needing to take a trip islands. This may be inconceivable to individuals from the western world or Europe, however lots of islands exist where this may fix a vital issue for the regional neighborhood.

” Digitization of our federal government and monetary services matches both our ease of working efforts and our digital Bahamas structure.” revealed Turnquest.

The list of CBDCs (nations that are thinking about the intro of a reserve bank digital currency) consist of Sweden, Norway and Canada up until now. Norway has actually currently launched a paper that goes over the intro of a reserve bank digital currency. The inspiration behind such relocation is getting rid of money from the Scandinavian nation. Canada has actually provided a staff discussion paper by the Bank of Canada, which talk about in information how useful the use of a centrally provided cryptocurrency would be to monetary stability, the banking system and the financial policy to name a few problems.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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