The International Money Fund (IMF) issued a review in which it asked the Bahamas to increase the security and reach of their CBDC ‘Sand Dollar’ (SDR) in order to achieve its goal of becoming a regular used currency.
The IMF revealed that its executive directors “recognized the potential of the Sand Dollar to foster financial inclusion” and advised the Central Bank of The Bahamas to “accelerate its education campaigns and continue strengthening internal capacity and oversight.”
The IMF said that the Sand dollar represents only 0.1 percent of the total money in circulation and in order to promote it more the Central Bank of the Bahamas has to take some measures like increasing public awareness campaigns about the CBDC.
Moreover, the IMF recommended financially educating the population of The Bahamas, and explained the significance of “robust supervisory and regulatory framework” for digital assets.
The IMF told the central bank to keep building internal capacity while also focusing on cybersecurity and the dependability of systems affiliated with the Sand dollar, observing that the Sand dollar has narrow paths of usage.
The IMF has been very doubtful about the use of private crypto in countries and hence, it is looking at the government-controlled crypto like CBDCs as an alternative option. A recent survey by the Bank for International Settlements revealed that 90% of surveyed central banks were interested in CBDC.