The government of the Bahamas is about to force commercial banks to distribute its central bank digital currency (CBDC), called the Sand Dollar. However, CBDC only accounts for less than 0.41% of the total amount of money in circulation and is being used less and less. #cryptocurrency#CBDC

The Central Bank of the Bahamas is adopting a similar strategy to Nigeria, where CBDC is only accepted by 0.5% of the people. When promotions failed to attract users, the government decided to withdraw cash from circulation. As a result, CBDC increased from 0.5% to 6%. #cryptonews

While the Bahamas central bank is taking a less drastic approach, it still shows the difference between projects in the public and private sectors. In the private sector, if the service is not suitable for the market, the business will change its business model or close. #cryptocurrency

Meanwhile, government projects are not easily closed. The government has the ability to apply force that no business can. No business is forcing people to use Bitcoin, Ether or any other cryptocurrency. #crypto

Overall, central bankers need to remember that if something has to be forced, it probably wasn't a good idea to begin with. CBDC is no exception. Let's comment on this issue!#CBDC#crypto