The Bahamas is preparing legislation to require commercial banks to support the Central Bank's digital currency, the Sand Dollar, in hopes of its adoption. According to the Governor of the Bahamas, John Roll, due to the lack of adoption of CBDC, banks are now being told they are required to distribute digital money. 🏦

Adoption of the Sand Dollar in the Bahamas has been somewhat sluggish, with CBDC making up less than 1% of the currency in the Bahamas. Sand Dollar wallet replenishment fell to just $12 million between January and August last year.

The Bahamas became the first country in the world to introduce a CBDC, releasing its digital currency "Sand Dollar" to all 393,000 residents in October 2020."