The Central Bank of the Bahamas will phase out the digital currency "Sand Dollar" on October 20.

Rhythblockbeats - The Central Bank of the Bahamas has announced on Twitter that it will "phase out" its consumer-oriented digital currency, the Sand Dollar, across the country on October 20. In the first phase, private sector participants such as Banks and credit unions will have their systems ready for KYC and other compliance checks on low-value, personal and corporate wallets.

The second phase of Sand Dollar, scheduled for early to mid-2021, will focus on the preparation of necessary infrastructure services for government and private sector CBDC (such as utility companies). More and more financial and payment institutions have started to invest in creating mobile wallets for users and are ready to launch corresponding services, the central bank said. The wallets will be secured with "multi-factor authentication" measures, according to the statement.

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