According to a report published by the Nassau Guardian on 31 May, the CEO of NZIA Ltd, a transaction firm, has commented that Bahamian tech startups and entrepreneurs should be the first to lead the development of Project Sand Dollar.
What is Project Sand Dollar?
Project Sand Dollar is an initiative for the tokenization of the fiat currency of CBOB or Central Bank of the Bahamas into digital currency, Central Bank Digital Currency (CBDC).
A ‘People First’ Attitude
NZIA Ltd has already started with the work to build some kind of an infrastructure compatible for Central Bank Digital Currency, which, as reported, is expected to be launched in the Bahamian district Exuma before the year ends.
The CEO, Jay Joe, maintained that NZIA’s mission was to demonstrate, through Project Sand Dollar, how CBDC can be used to bring about active financial inclusion. Joe further stated that this sort of financial inclusion could be brought on the ground by providing more significant opportunities to local banks, SMSEs, and entrepreneurs for creating new solutions and products based on CBDC. He also commented on how the solutions built by local tech startups could prove to be essential for bringing the digital currency into mainstream usage:
“We are going to build the back end and we will open up the front end to allow local entrepreneurs, tech startups, whomever to be able to build new products and create new services around CBDC. We feel that this is going to be a key aspect of really making this thing become a real, living, breathing thing that people engage in.”
Joe concluded by an admittance that it would not be possible for one institution to build everything. He suggested ‘opening up the front end for allowing people to build new services and solutions.’ Earlier this year, the Central Bank of Bahamas announced the hosting of its second blockchain seminar that would provide updates on Project Sand Dollar.