The Central Bank of the Bahamas has reportedly finalized the release of the nation’s “Sand Dollar” – a state-backed virtual currency – countrywide. 

Specifically, the news reportedly means The Bahamas has become the first nation across the globe to make a CBDC available, not only as a pilot project. 

The “Sand Dollar” will reportedly be able to be used for every 393,000 citizens of The Bahamas, starting at around 10:00 PM UTC.

China is reportedly conducting testing phases for a pilot project, regarding its digital yuan, via a $1.5 million giveaway, while the “Bakong” cryptocurrency of Cambodia is expected to be officially available within the next few months, after the pilot phase was carried out in July last year. 

Sand Dollar transfers can reportedly be finalized across the mobile phone platform, with approximately 90% of the total residents having mobile phones in their possession as of 2017. 

Per details on the Sand Dollar website, the citizens living in The Bahamas are reportedly able to use the digital currency across every merchant that is equipped “with a Central Bank approved e-Wallet on their mobile device”, with the transaction fee can be considered insignificant. 

Transaction providing firm NZIA has reportedly been chosen by the central bank to become the entity in charge of offering technology solutions, regarding the release of the digital currency.