Rolle maintains CBOB focused on improving service
“We’re not in the business of trying to provide something that looks and feels like cryptocurrency”
NASSAU, BAHAMAS — The Central Bank’s Sand Dollar should not be viewed as something that will function like crypto assets, according to Central Bank Governor John Rolle.
Rolle, who appeared as a guest on the International Monetary Fund’s (IMF) series The Exchange along with IMF Managing Director Kristalina Georgieva, stressed the need to ensure this country’s payment systems operate more efficiently.
“We are addressing unbanked and underbanked. We are trying to improve access to services,” Rolle noted.
“In the central banking space. the focus is on enhancing the efficiency of the payment system.
“We’re not in the business of trying to provide something that looks and feels like cryptocurrency. The whole effort is to try and dissuade persons from looking at the Central Bank digital currency as something they should hoard.
“We want to maintain the role and link with the banking system for the traditional use and how they create savings. It is very important that we do not view fiat digital currency as something that is going to function and behave like crypto assets. That’s not the focus.”
The Central Bank has embarked on the Sand Dollar initiative to issue a digital representation of the Bahamian dollar. The move is designed to promote more inclusive access to regulated payments and other financial services for unbanked and underbanked communities and socioeconomic groups within the country.
The regulator also expects to see a reduction in service delivery costs and increased transactional efficiency for financial services across the country.
Rolle noted that the Central Bank has not seen high usage of the Sand Dollar as much of the focus up to this point has been on product development and interoperability with financial institutions. He said the Central Bank is now making an accelerated push regarding adoption and usage of the Sand Dollar.