The Central Bank of The Bahamas (CBOB) will move into an agreement with NZIA.io to develop the first national fiat digital currency on May 30 reports Nassau Guardian on May 29.

The CBOB will move into an official agreement with the executives of NZIA.io. The agreement is aimed towards developing the first fiat digital currency of the country. This was dubbed Project Sand Dollar to be signed tomorrow May 30.

The Bahamian Central Bank CBOB announced NZIA.io as the preferred technology solutions provider in early March 2019. It later included the Singapore software firm Zynesis in the design and implement of the digital fiat currency system.

The Project Sand Dollar is an integrated, affordable electronic payment system for all businesses and residents. The digital currency is expected to provide residents with equal, wider access to modernized digital payment capabilities. While improving the level of financial inclusion in communities throughout the region.

It was also reported that the Central Bank Governor John Rolle said “the bank is aiming to implement a fully digital payment service for the Family Islands by 2020”.

The government has been closer towards full integration of blockchain applications and financial technology (fintech) into the financial services sector. The initiative to make these innovative moves in the banking sector was first announced in June 2018.

Earlier this month, Dutch Tax and federal prosecution officers have confiscated six servers in the Netherlands and Luxembourg, taking the Bestmixer.io virtual currency mixing service offline, the Dutch tax office’s criminal branch (FIOD) said.