Bahamian authorities will soon begin forcing commercial banks to distribute a central bank digital currency (CBDC) known as the Sand Dollar. Despite attempts to encourage the use of CBDC, its share is less than 0.41% of the total currency in circulation and its use has been declining over time. Instead of shutting down the project, the central bank of the Bahamas plans to introduce regulation that will effectively force banks to distribute CBDCs. 🏦

This is reminiscent of the situation in Nigeria, where the central bank faced low CBDC adoption rates (only 0.5%) and ended up forcing people to use the digital currency, causing the adoption rate to increase to 6%.

It is important to note that no one is forcing people to use Bitcoin, Ether or any other cryptocurrency. However, despite the fact that CBDCs have only been around for a few years, there are already two prominent examples of their forced use by different governments.