Connect with us

Crypto

Bahamas to launch its own digital currency

The Bahamas’ “digital currency pilot project” went live in Exuma. Residents of the island can now enroll in the Central Bank of The Bahamas’, “Project Sand Dollar”, which began on December the 27th. They will receive mobile wallets that the Bahamian government sees as facilitating the future of payments on the island chain. It is a step toward the Bahamas’ goal of launching a digital currency.

Published

on

This picture show an old caribbean house.

The Bahamas Central Bank has begun testing the digital version of the Bahamas dollar Sand Dollar. Digital payments and admission of new categories of financial service providers to the domestic market will accelerate the reform of the payment system. Let us review the main news and quotations of the largest crypto values.

The Born2Invest mobile application is bringing the latest crypto, and business news from trusted sources to a single screen so you can stay on top of the market. The application is aggregating the most important and breaking news from relevant websites, the list is always revised and updated with new resources.

The Bahamas Central Bank has begun testing the digital currency

Sand Dollar will initially be tested in the Exuma area, and  in the first half of 2020, the coin will be tested in Abacos and several other island areas.

The Central Bank stated that “The digital asset will help maintain financial sector stability and reduce transaction processing costs as well as reduce the risk of cash crimes”. In parallel, the regulator will develop rules for digital currency and consumer protection.

DigiByte will launch a decentralized stable coin

The DigiByte team is working on the launch of DigiDollars decentralized stable coins. And as per Jared Tate, the founder of the project’s comment on his Twitter account: “All other stable coins are running on very insecure centralized networks. Total junk.”

He added that people shouldn’t trust companies that operate as a central bank that “prints digital tokens,”. Tate suggested creating a decentralized system in which users would provide their own DigiDollars with their own bank account tied to their wallets. By using a smart contract and API, the balance will be confirmed in real-time.

SEE ALSO  How banks and financial markets continue to expand

Guangzhou authorities closed all cryptocurrency exchange platforms

In Guangzhou, all cryptocurrency exchange platforms have stopped operating. Now the third-largest city in China only has platforms for online equity finance, foreign exchange, and asset management.

On December 18th, Guangzhou’s Market Regulatory Bureau announced that it will strictly control the work of companies whose activities are associated with the siege. It was stated that “We must not only promote the development of new-generation information technology, such as the siege, and the digital economy industry but also prevent the registration of market entities engaged in illegal activities under the banner of the siege”.

YouTube called deleting the cryptocurrency video an error

A YouTube spokesman said it was a mistake to delete hundreds of cryptocurrency videos, “There are huge amounts of videos posted on our site, and sometimes we make bad decisions. When someone draws our attention to a video that was deleted by mistake, we quickly restore it.

We also offer uploaders the opportunity to appeal the removal.” A representative of YouTube also added that there have been no changes in the service policy regarding the topic of cryptocurrency. Later, YouTube has fully restored access to crypto-related content.

__

(Featured image by oscarhenao via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in IHODL, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Desmond O’Flynn believes in minimalism and the power of beer. As a young reporter for some of the largest national publications, he has lived in the world of finance and investing for nearly three decades. He has since included world politics and the global economy in his portfolio. He also writes about entrepreneurs and small businesses, as well as innovation in fintech, gambling, and cannabis industries.