Bahamas ‘Sand Dollars’ Cryptocurrency to Help Island Nation Recover from Hurricane Dorian

Bahamas ‘Sand Dollars’ Cryptocurrency to Help Island Nation Recover from Hurricane Dorian 1
  • Hurricanes have been causing extensive damage to the islands of the Bahamas for millennia.
  • The Central Bank of the Bahamas plans to pilot the first cryptocurrency in the form of Sand Dollars.
  • Project Sand Dollars offers numerous benefits that can help individuals and businesses to recover, including having the means to quickly access finances and purchase needs after a natural disaster.

Hurricanes have been ravaging the Bahamas for centuries. According to travel advice website TripSavvy, a hurricane passes close to the Bahamas every other year on average. In addition, a hurricane makes a direct landfall on the islands once every four years on average. Natural disasters can be a big-time hassle for tourists. What’s worse is that these storms often devastate the Bahamas’ ability to conduct trade and commerce.

On Sept. 1, the Grand Bahama Island and Abaco Islands were struck by one of the strongest hurricanes in history. Hurricane Dorian is a category five storm that packed sustained winds that reached 185 miles per hour. In addition to the strong gusts of wind, Hurricane Dorian summoned storm surges that formed water walls as high as 20 feet. According to Hubert Minnis, prime minister of the Bahamas, the storm system left a “generational devastation” on the islands.

The impact of Hurricane Dorian on the Grand Bahama. | Source: Twitter

The damage caused by natural disasters, combined with the widespread use of cash, prompted officials of The Central Bank of the Bahamas (CBOB) to consider adopting the country’s first digital fiat currency.

‘Sand Dollar’ Set to Be Released Before the End of 2019

The CBOB has announced that it will roll out “Sand Dollars” before the end of the year. This is a digital fiat currency. Sand Dollars will be piloted on Exuma but officials are also considering an early release on Abaco. Although Sand Dollar is a cryptocurrency like bitcoin or Ethereum, it offers unique characteristics.

According to officials, Sand Dollars will be introduced in the form of a digital wallet or e-wallet. Users will be able to access it through a smartphone application. The digital wallet will also offer security features that enable users to safely save payment details as well as passwords for various payment methods. These functionalities allow users to complete transactions using near-field communications technology.

The CBOB has partnered with NZIA Limited, which will provide the “national infrastructure for payments,” said Jay Joe, chief executive of the decentralized wireless payment systems company.

Sand Dollar to Enable Quick Recovery of Financial Services and Dispersion of Aid

Central Bank Governor John Rolle said Project Sand Dollar can potentially improve the resilience of the country when facing natural disasters.

In a report by the Nassau Guardian, Rolle said,

“fully accessible and enabled digital mobile payments would resolve many logistical challenges at once.”

The central bank governor added that Project Sand Dollar would offer the following benefits:

  • enable wireless restoration of payments
  • allow electronic dissemination of aid
  • prevent issues associated with cash shipments and cash reliance
  • help in the timely recovery of banking and banking services

Rolle also said,

One of the impacts of the recent hurricane on the country’s banking sector was the significant damage to physical structures on Abaco and Grand Bahama, which also shut down operations on those islands.

The central bank governor expects the digital fiat currency to be the panacea that will help citizens and businesses access payment services after a powerful hurricane, like Dorian, ravages the country. For individuals, having a reliable payment system after a natural disaster means they can purchase resources that can address their needs. For businesses, it could mean immediate insurance payouts.

This article was edited by Sam Bourgi.

Last modified (UTC): October 28, 2019 13:50

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Cryptosoft
Cryptosoft Trading Bot Review
June 27, 2022
The Largest Crypto Scams Of 2022 (So Far)
The Largest Crypto Scams Of 2022 (So Far)
June 14, 2022
Scammers
How Do Scammers Entice Their Prey?
May 10, 2022
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin21,071 0.34 % 1.81 % 2.10 %
Ethereum1,222.8 0.30 % 0.83 % 8.02 %
Tether0.9964 0.40 % 0.44 % 0.35 %
USD Coin0.9988 0.28 % 0.31 % 0.39 %
BNB238.68 0.46 % 0.57 % 9.89 %
Binance USD0.9993 0.62 % 0.13 % 0.48 %
XRP0.3502 0.88 % 4.14 % 8.07 %
Cardano0.4903 0.81 % 3.44 % 0.51 %
Solana38.94 0.82 % 4.87 % 9.79 %
Dogecoin0.07227 0.90 % 7.44 % 19.94 %

bitcoin
Bitcoin (BTC) $ 21,174.00
ethereum
Ethereum (ETH) $ 1,227.73
tether
Tether (USDT) $ 0.999808
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 239.85
binance-usd
Binance USD (BUSD) $ 1.01
xrp
XRP (XRP) $ 0.352513
cardano
Cardano (ADA) $ 0.494102
solana
Solana (SOL) $ 39.23
dogecoin
Dogecoin (DOGE) $ 0.072787