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The world leading sand dollar
ActivTrades
LAST year The Bahamas became a global leader in e-money, after launching its own Central Bank Digital Currency (CBDC), the Sand Dollar, ranked number one in the PwC Global CBDC Index. A remarkable achievement for the nation, that captured headlines around the world. But what is a CBDC? Should other nations follow the example of The Bahamas? Why not instead adopt an existing cryptocurrency, like bitcoin, for example, like El Salvador did?
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Digital assets are no ‘silver bullet’ to rescue economy
A Cabinet minister and a member of the Government’s Digital Advisory Panel have both warned that digital assets are not a “silver bullet” that will rescue the Bahamian economy by themselves.
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Sand Dollar circulation trebles
The Bahamas’s digital currency, the Sand Dollar, nearly trebled in circulation in 2020.
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DEREK SMITH: ‘Digital transformation’ - The second part is key
Every company has been forced to reinvent itself, or re-evaluate how it does business, due to a digital evolution that some might call a revolution. Large companies have invested substantial resources in what is usually referred to as “digital transformation”. However, a problem occurs when they undertake a digital transformation plan without a clearly defined vision of what this should entail.
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‘Be ready for international attacks over digital role’
A financial analyst warns that international “attacks” on the financial services sector should be expected as the country’s involvement in the digital assets and cryptocurrencies business develops.
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Census to be completely digital
THE upcoming census will begin on April 5 and will be completely digital, officials said yesterday.
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Digital assets ‘shot in the arm’ sparks accountants to reunite
The Bahamas’ entry into the digital assets space sparked two well-known accountants to speed up their reunion after a decade apart by merging their two firms with effect from yesterday.
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Bank fees: CIBC and Fidelity are cheapest
CIBC FirstCaribbean charges the lowest fees for student and retiree savings accounts, the Central Bank revealed yesterday, with Fidelity Bank (Bahamas) largely leading the field on adult facilities.
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Bahamas sees $715m gain if ‘infrastructure gap’ closed
The Bahamas stands to gain a $715m boost if it invests just $31m to close the “digital infrastructure gap” between itself and the world’s leading economies, a multilateral lender is arguing.
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Sand Dollar set to enjoy ‘multiple security levels’
A Central Bank official yesterday said there are “multiple levels of security” to protect transactions involving the Bahamian digital currency, the Sand Dollar.
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INSIGHT: Making Grand Bahama’s story available for all to read
The Groves family is continuing its philanthropic legacy in The Bahamas with the soft launch of a new digital Grand Bahama Museum – the first in the Caribbean region.
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Digital banking can’t be ‘rammed down throats’
A senior banker yesterday said the industry must adopt the “Mary Poppins with medicine” approach in encouraging more Bahamians and businesses to switch to digital transactions.
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Bill, Tony and Tom to elevate digital ‘front runner’ Bahamas
A former US president and ex-UK prime minister, plus a record-breaking Super Bowl winner, are heading the speaker line-up at a conference that will next week seek to elevate The Bahamas’ position as a digital assets “front runner”.
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GOING GLOBAL: PM hails potential of crypto industry for The Bahamas
PRIME Minister Philip “Brave” Davis said the arrival and presence of FTX underscores the “readiness of The Bahamas to be a home for global leaders in the crypto space.”
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Entrepreneurship Centre to boost digital transition
Grand Bahama’s Centre for Entrepreneurship and Innovation will benefit thousands of Bahamians by equipping them with the skills to exploit the fast-evolving digital economy.
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Investment protection focus for digital assets regulation
The Securities Commission’s top executive has foreshadowed the roll-out of more digital asset regulations as it begins focusing on “investment protection” in the cryptocurrency space.
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Local bank dealing with COVID outbreak
Scotiabank has advised customers to use digital banking services amid COVID-19 outbreak at two of its local branches.
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Restaurants praise ‘Vax Pass’ potential
Restaurant owners yesterday said the government’s promised digital vaccination certificate may have a greater impact on their business than the one-hour curfew reduction by facilitating indoor dining.
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Sand Dollar targets ‘further milestones’
The Bahamian digital currency’s roll-out will hit “further milestones” next month, the Central Bank’s governor says, with consumers gaining the ability to switch funds between their bank accounts and mobile wallets.
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Cable Bahamas readies for growing cyber threat
Cable Bahamas is “simplifying tasks” and “reducing compliance costs” as its moves to combat fraud in a period of accelerated “digital transformation” driven by COVID-19.