Bahamas becomes the next nation to launch National Digital Currency

[tsaroz]

Central bank of Bahamas has launched the National Digital Currency. It's a distributed ledger, blockchain based technology but the coins would be regulated and minted by the central bank. Similar to what many other countries have launched.
Called the sand dollar, its price would be pegged to Bahamian dollar and would be used for domestic transaction across the island nation. The users would need to go through a KYC first and the transaction fees are told to be negligible.

https://decrypt.co/45740/bahamas-launches-its-central-bank-digital-currency

[ampu]

Great, they are ahead of China in issuing digital currencies. This country is an archipelago consisting of many small islands, the issuance of cryptocurrency will be better for the exchange of currencies between islands. They just need to develop the telecommunications system and develop the source code of their currency. Cryptocurrencies will ease the work of banking.
Hopefully, they can expand their network to the entire Latin American region and promote tourism through the development of the national digital currency.

[WalkerIVIV]

It looks like this trend will become the global trend asap and there will be a possibility for the crypto to be connected easily with all of the stable coins that will be issued by the central banks and governments.

We can believe if crypto will become greate again like it was in 2018. There will be massive stable coins coming soon.

It's just the matter of time until the anycountries will be following this trend. let's see

[manfredmann]

I do hope that our country will be the next digital currency to launch its own cryptocurrency. This definitely will help to eradicate corruption and under the table transactions after all will be using cryptocurrency. All funds will be keeping securely and for sure it will be spend too wisely minding the public or transparency of the transactions that can be done. No need to file for a law that allows public to view transactions being made by a goverment official or those who were handling position in a government office.

[Anonylz]

Having its own digital currency is good, Bahamas is a very expensive country and an attraction for tourist, according to what I read, things are generally expensive in that country,  maybe this initiative will strengthen the status of the economy even further, i think this will Foster the process of crypto adoption much more faster,  i didn't know the Government of this country is crypto loving,  hopefully many more countries will emulate this idea.

[weborsha]

This is how the government is trying to regulate cryptocurrencies. Just imagine how many taxes coudl be paid annually for the total peoples' income from crypto.

[reliable]

Having its own digital currency is good, Bahamas is a very expensive country and an attraction for tourist, according to what I read, things are generally expensive in that country,  maybe this initiative will strengthen the status of the economy even further, i think this will Foster the process of crypto adoption much more faster,  i didn't know the Government of this country is crypto loving,  hopefully many more countries will emulate this idea.

Well if each of them have their own currency then what will happen to bitcoin and other altcoins which are already listed and holder by millions of people. The demand for this will fall and as a result the prices will continue to drop it. Then just like fait currency some are in demand it may happen that it will have some country's launched currency only in demand and rest of them may not be much sort after.

[Akiko]

It looks like this trend will become the global trend asap and there will be a possibility for the crypto to be connected easily with all of the stable coins that will be issued by the central banks and governments.

We can believe if crypto will become greate again like it was in 2018. There will be massive stable coins coming soon.

It's just the matter of time until the anycountries will be following this trend. let's see

And this is also one of the solution of digital payment it really help a lot in most country if they are going to adopt crypto as one of their NATional currency.

We are now in era that most people using internet in transaction even buying product right now can be bought online and Sooner everything can easily be access having only mobile phone in your hands if adoption of digital payment use in different countries.

[Atang Sulaeman]

The progress is so extraordinary, with 385,000 citizens who are sure to support this progress,
so every developing country must follow what the Bahamas is doing.
and the use of fiat money is bound to be greatly reduced in that country.

[btc_angela]

It looks like this trend will become the global trend asap and there will be a possibility for the crypto to be connected easily with all of the stable coins that will be issued by the central banks and governments.

We can believe if crypto will become greate again like it was in 2018. There will be massive stable coins coming soon.

It's just the matter of time until the anycountries will be following this trend. let's see

Yes, this will be the trend in the future, and don't think that this is going to impact cryptocurrency, I don't see any negative impact specially if people are going to used national digital currency for domestic used and like more on government transactions, it will be easy for the people to do that. On the contrary, it might open up a lot of individuals on Bahamas to look closer at crypto, and there could sway them to invest some whether bitcoin or any other alts. And this will also go towards cashless society in the future for Bahamas.

[jdnthny]

It is now starting that several countries are now accepting digital currencies which means that it can possible a global demand. Hoping many countries as well as ours will start accepting this mode of currencies which is really beneficial to us in many aspects.

[tvplus006]

Great, they are ahead of China in issuing digital currencies. This country is an archipelago consisting of many small islands, the issuance of cryptocurrency will be better for the exchange of currencies between islands. They just need to develop the telecommunications system and develop the source code of their currency. Cryptocurrencies will ease the work of banking.
Hopefully, they can expand their network to the entire Latin American region and promote tourism through the development of the national digital currency.

It is very difficult to compare the Bahamas, with a population of 385,000 people, and China, which is home to more than 4 billion people. It is for this reason that China continues to test its digital yuan, and the Central Bank of the Bahamas has launched a CBDC without a test. But in any case, the Bahamas wasn't the first to launch its CBDC, Tunisia launching the digital Dinar in 2015.

[kentrolla]

Well that's how digital currency is expanding globally, central banks are now closely at the successes of digital currency and want to gain the momentum from the public after launching their own currency.

If it goes like this then how about BTC and other alts? For me after all BTC is not only a virtual currency but also a mode of investment which is a pure gem. I don't think the government of every country will not give freedom unless like BTC as countries currency will have a control over it.

[Shallow]

This is indeed a good news both for the country and the crypto space, and with time I believe other countries will start seeing the need and Importance of creating their own digital currencies to foster easy financial services and growth. Before, most countries were against it and now they are gradually understanding the technology behind it.
In my own view, I believe this will give make more people in that country to be more exposed to cryptocurrencies hence taking steps to know about other coins and also, there might be every possiblity that the country will adopt other cryptocurrencies and other crypto platforms if they are yet to.
However, my only concern is that the government will still continue monitoring the people's data, but nevertheless the launching of a National Digital Currency is a good one that will propel people into knowing about other cryptocurrencies.

[dikobraz123]

I don't like government issued Digital Currency. The original idea of Bitcoin and some of the Altcoins is to promote decentralization, fungibility and independence from central banks.
KYC and control of the government/central bank is something inherently built in state-issued Digital Currency. And that's not something benificial to human race, so consider avoiding this kind of money.

[escalante28]

They announced that last month that the Central Bank of The Bahamas is planning to launch a national cryptocurrency across its entire archipelago this month. They planned that so hard to obtain the first country in the world to launch the National Digital Currency. Let's just wait for their official announcement from them this month, it's been only 9 days left for the month of October. Let's see.

[iTradeChips]

Looks like they are going to be the first to issue digital currencies in the whole world. The country's location and geography would be vital in the success of the digital currency since this would be a better alternative to cash in country that is an archipelago. Right now is also a good time to test the currency due to the pandemic and the restrictions to travel that this gives. People will want more of being able to do everything in their place and not able to force themselves to go out and go far.

[StealthCoin1]

This is very good for the cryptocurrency as whole. This is getting big!

[Rodeo02]

It is now starting that several countries are now accepting digital currencies which means that it can possible a global demand. Hoping many countries as well as ours will start accepting this mode of currencies which is really beneficial to us in many aspects.

Imagine if there are a lot of country are having thier own crypto currency . which means buying and selling other crypto currency is also possible and make it easier. since they are now using their local currency to buy other coins which is really big help for massadoption of bitcoin and other crypto currency.

[nrvasquez]

It using KYC so maybe that's good, but not really sure about their scaleability on that digital currency. But so far, as long it have good impact to the blockchain space, that's good. hope they provide better structure