- The new cryptocurrency has been launched on Abaco.
- Abaconians will now be having easier access to financial services as the new project.
- K Peter Turnquest said that the government of the Bahamas is providing them with full support through its monumental initiative.
The new cryptocurrency has been launched on Abaco. It will help in light of the hurricane that recently destroyed the islands. Abaconians will now be having easier access to financial services as the new project, Project Sand Dollar on Abaco, was launched, said the Deputy Prime minister and the minister of finance, K Peter Turnquest.
The central bank added a digital version of the Bahamian dollar with a pilot phase in the Exumas. Now the Platform has been extended to the Abacos islands.
K Peter Turnquest, the Deputy PM and the minister of finance said that a few months ago, the Abaco islands had sustained catastrophic damage to their infrastructure and various economic sectors that had affected the very fabric of their lives.
The hurricane Dorian was one such tragedy that will never be forgotten, and it is their hope that through the Sand Dollar project, the Abaco islands can find some normalcy once again and especially because it related to their financial sector.
The deputy PM also said that the government of the Bahamas is providing them with full support through its monumental initiative, and they are well prepared and committed to ensuring that the sand dollar sees success on every island in the Bahamas.
The thing with the sand dollar is that it is essentially the digital version of the national currency, and every sand dollar is backed by the central bank and is equivalent to the paper currency.
For the people who have lost everything in the hurricane, the sand dollar now allows them to have easy access to all the financial services. And through the sand dollar, the abaconians can now make payments at local grocers or gas stations right through their mobile devices in the real-time, said K Peter Turnquest, the Deputy PM and the minister of finance.