Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: SAMUEL HAIG, reproduced by Odaily with authorization.

Editor's Note: This article comes from

Cointelegraph Chinese (ID: CointelegraphChina)

Cointelegraph Chinese (ID: CointelegraphChina)

, Author: SAMUEL HAIG, reproduced by Odaily with authorization.

The Bahamas is striving to become the first country in the world to launch a nationwide state-backed virtual currency, announcing that it will launch a central bank-issued cryptocurrency in October.

An eSolutions deputy manager told Bloomberg that the digital currency, dubbed "Sand Dollar," aims to drive financial inclusion on the archipelagic nation's remote islands.

“Many residents of these remote islands do not have access to digital payment infrastructure or banking infrastructure. As a sovereign nation, we must tailor our efforts and solutions to our needs.”

Sand Dollar transfers are made via mobile phones, which are used by approximately 90% of Bahamians as of 2017.

The eSolutions deputy manager noted that the Central Bank Digital Currency (CBDC) will be subject to the same regulations as the Bahamian dollar, and there will be anti-money laundering and KYC protections when creating accounts using the virtual currency.