Copy link
Increase text size
Decrease text size
Link copied

Central Bank of The Bahamas selects NZIA Limited as technology provider for digital currency provider

Tue, 05 Mar 2019, 03:38 am UTC

The Central Bank of The Bahamas has announced key technology solutions providers for its planned digital fiat currency project.

The digital fiat currency project was first reported in June 2018 by Jamaica Observer. Later in August, the central bank invited submission of expressions of interest (EOI) from qualified firms to supply blockchain or other robust technology solutions for the project.

In a press release dated March 01, the bank said that the initiative will be carried out under the name “Project Sand Dollar” and will aim to modernize the country’s payments system.

“The Central Bank expects that at the conclusion of this project all residents in The Bahamas will have equal, expanded access to modernised digital payments capabilities. A concurrent reduction in cash transactions is also expected,” it said.

“The evolved Bahamian payments infrastructure should reduce service delivery costs, increase transactional efficiency and improve the overall level of financial inclusion in communities throughout the archipelago.”

The bank has announced NZIA Limited as the preferred technology solutions provider for the project. The company will design and implement the digital fiat currency system.

“NZIA Limited brings together the collective know-how and expertise of IBM, a leader in enterprise blockchain, along with Zynesis Pte. Ltd., a Singapore-based software development company specializing in blockchain solutions,” the central bank noted.

Furthermore, the central bank said that to ensure regulatory compliance of the digital fiat currency, appropriate policy and legislative reforms will be made. To that end, it said that the draft regulatory Central Bank of the Bahamas Bill, 2019, is expected to provide the foundation to develop regulations to govern the instrument.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,771.80 (-0.43%)
  • Ethereum (ETH) $231.91 (+1.82%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $320.30 (-0.36%)
  • Bitcoin SV (BSV) $219.61 (-2.49%)
  • Bitcoin (BTC) $8,771.80 (-0.43%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.