Monetary regulatory powers globally are announcing in quick successions their plans to launch digital currency. The big question is, who has the knowledge to execute this ?
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Bahamian Sand dollar was the first digital currency launched by a sovereign nation in the world. It was launched in 2020 as the world’s first central Bank digital currency. This journey started with the team lead whose only stint with Bahamas was a transit on a cruise ship. Canadian Jay Joe received an text from a colleague in the financial technology industry about Bahamas Central bank announced bid for a development of a digital version of Bahamian dollar.
Jay Joe, a digital-security and blockchain specialist put on his thinking cap and assembled a team that has worked on tokenized electronic payments on Ethereum’s financial system blockchain backbone; “the electronic ledger technology” that supports bitcoin and other cryptocurrencies.
” There was no playbook. We were drawing on our experience in blockchain,” Joe Jay said.
The Bahamian Central Bank’s specifications were broad. This enabled Joe and his team to create a digital currency and it’s platform that will help solve the most daunting difficulties fiat money couldn’t solve. The project had as main focus the plan to help bring banking services to parts of Bahamas that are not close to banking halls as money would now be linked to their mobile phones. The team won the job but no disclosure clause prevented them for disclosing the amount they were paid.
Since the launch of Bahamas digital currency last year, expertise like that of Jay Joe and his team has been in demand. “We’ve been in discussions with a number of [central banks] and it’s just intensifying,” said Mr. Joe.
Several nations like Marsha Island was sold Mr Ben Ezer idea of creating digital currency for the Island nation who has joined growing number of nations who have launched digital currency.
World Street Journal, interactive edition noted that the USA Federal Reserve is trying to figure out how to keep cash relevant in a cashless society. “It’s considering digitizing the U.S. dollar, giving people money they can access on their phone and bypassing electronic payments that can be slow and costly for businesses.” Among plans on the Federal Reserve blue print is recruitment of engineers seasoned in blockchain technology.