The Central Bank of The Bahamas has announced its intention to expand outreach efforts and continue the development and beta-testing of new features for its digital currency, the SandDollar. This follows several initiatives launched over the holiday season to promote the digital currency.
In a press release issued by the Central Bank of The Bahamas, it was revealed that these initiatives included the SandDollar Holiday Rebate program, the Bahama Out Island Promotion Board’s annual general meeting, and various pop-up markets.
The press release further explained that the SandDollar Holiday Rebate program was launched at The Mall at Marathon. This program featured a rebate booth staffed by central bank representatives. At this booth, patrons had the opportunity to activate new wallets, load funds, and earn rebates for spending the digital currency during their holiday shopping. In addition to this initiative, in December, the central bank sponsored and participated in the Tingsmas and Two Creative Chicks Christmas pop-up markets.
According to the same press release, in 2023, the central bank disbursed $0.16 million through incentives and promotional campaigns. These included charitable events, festivals, radio promotions as well as grocery top-ups and rebates.
The bank is currently working on developing and beta-testing new features aimed at improving wallet user experience. For instance, it is focusing on enhancing several self-service tools. It is estimated that an updated version of the wallet will be released in the first quarter of 2024.
In terms of usage growth, according to the press release from the bank, there has been steady growth in SandDollar usage. As of December 2023, there were 118,955 personal wallets in use - a 20% increase compared to 2022. Furthermore, there was an increase in circulation of SandDollars to $1.7 million - a rise of 60.8%.