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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.



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.

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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.

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)

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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.