Private commercial entities and others beyond the public sector and Central Bank SFIs would represent the core “business” or “B” component of digital payments. For these entities, enrolment in digital currency will always require a link between wallets and bank deposit accounts so that excess receipts can be transferred into banks. In each case, status as a business would have to be evidenced from existence on the business license register.
Sand Dollar is the digital version of legal tender (cash) issued by the Central Bank of The Bahamas. Like cash, you keep Sand Dollar in a wallet, a digital wallet.
The Central Bank of The Bahamas has built the infrastructure, technology and regulatory framework for its central bank-issued digital currency (CBDC) called Sand Dollar. The Bank’s supervised financial institutions are authorised Sand Dollar agents and can enrol customers through their tailored applications (digital wallets). For a list of Sand Dollar authorised financial institutions (AFIs), please click this link.
Merchant wallets have a holding limit of $8,000 to $1,000,000 with unlimited annual transactions. Merchant wallets must be tied to a bank account and produce the following documents during enrolment:
Similar to issues with your business and merchant accounts, if you experience issues with Sand Dollar you should contact your service provider. If you do not receive satisfactory resolutions, a formal complaint should be submitted to the Central Bank of The Bahamas. For a list of authorised financial institutions (AFIs), please click this link.