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Bahamian tech startups will need to lead the development of Project Sand Dollar says Jay Joe, CEO of NZIA Ltd.

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Bahamian tech startups will need to lead the development of Project Sand Dollar says Jay Joe, CEO of NZIA Ltd.

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The crypto revolution had started mesmerizing many people across the globe. With the bull run and stable value generation, Bitcoin [BTC] had started to gain attention, that is, evident from the large scale adoption happening across the different continents. 

The CEO of exchanges firm NZIA Ltd, Jay Joe, shared his views that Bahamian tech companies and startups pilot the improvement process of the Project Sand Dollar.

The aim of the venture Sand Dollar is to convert and tokenize the Central Bank of the Bahamas’ [CBOB] fiat money into the Central Bank’s digital capital.

Joe examined the facts associated with the fast adoption rate of digital currencies. He shared that the financial bodies and small and medium sized business enterprises [SMEs] will be pivotal to the growing token’s reception. 

He said,

“We are going to build the back end and we will open up the front end to allow local entrepreneurs, tech startups, whomever to be able to build new products and create new services around CBDC. We feel that this is going to be a key aspect of really making this thing become a real, living, breathing thing that people engage in.”

Many influential names in the Bahamas had shared their interest in the blockchain technology and the future benefits associated with the digital coins. 

The list extended with the addition of one more famous personality, Kevin Peter Turnquest, Deputy Prime Minister and Minister of Finance of the Bahamas saying,

“A digital Bahamian currency is especially important for the many family islands as they have seen many commercial banks downsize and pull out of their communities, leaving them without banking services. As an island nation, where transportation can be an inconvenience for many, especially the elderly, and costly, we must offer financial services digitally and securely.”

Blockchain technology had always been the epicentre of discussion due to its safer and efficient services and the indicators on the graph revealed a bullish momentum of the digital currencies latterly.


Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.
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