2 PAYMENT METHOD PROFILES: STABLECOIN
Launched Central Bank Digital Currencies Country CBDC Launched
Reason
Bahamas
Sand Dollar
2020
• “100% of the population has access to digital payments services; • universal access to banking services of a deposit account maintenance nature; • a reduction in the size of legitimate but unrecorded economic activities that take place in the informal sector; • and full admission of micro, small and medium-sized businesses into the digital space.” 780 • reduction in costs of distributing and handling cash • financial inclusion 781 • “improve the availability and access to central bank money, • Support a resilient payments system, • Encourage financial inclusion, • And reduce the cost of processing cash.” 783 • “foster simplicity, certainty, and predictability in monetary and financial affairs.” 784
Jamaica
JAM-DEX
2022
e-Naira
2022
Nigeria 782
Zimbabwe
ZiG
2024
Table 2.28
Case Study: Bahamas – Sand Dollar As of January 2024, the Bahamas saw $1.4 million in circulation in form of their CBDC, SandDollar. This represented under 1% of Bahamian currency in circulation. 785 The Central Bank of the Bahamas noted four potential reasons for the low adoption: low merchant participation, lack of interoperability between banking system and merchants regarding the CBDC, slow banking and credit union adoption, and inadequate SandDollar education for users. 786
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