The Central Bank of The Bahamas (CBOB) is set to deploy a team of Sand Dollar ambassadors across New Providence and the Family Islands this month, in its continuing effort to increase the adoption and use of the world's first central bank digital currency (CBDC), a CBOB statement said, adding that there is currently almost $1.1 million worth of Sand Dollars in circulation.

According to the CBOB statement, promotional efforts have meant that the bank has given away more $100,000 worth of Sand Dollars.

Adoption to date has been slow, as many merchants continue to flirt with the idea of accepting the digital currency. Now, the bank will send out trained ambassadors to ensure merchants and consumers understand what the Sand Dollar is and how to use it.

"The group will undergo training before initial deployment in late July," the statement said.

"Ambassador recruits from Grand Bahama and the Family Islands are expected to be identified and deployed shortly after.

"Sand Dollar ambassadors will offer merchants and consumers on-demand assistance with the use of the Sand Dollar through various platforms.

The statement continued: "During June, The Central Bank of The Bahamas continued its Sand Dollar outreach across New Providence and North and Central Andros. Activities in New Providence featured the initial iteration of the Sand Dollar rebate program, beginning with Super Value and Quality Supermarkets. Additionally, technical developments allowing top-ups to any Sand Dollar-enabled mobile application from domestic bank accounts were completed."

The statement also revealed statistics on the number of wallet holders that currently exist, explaining that as of June there were 106,147 consumer wallets and 1,608 merchant wallets.

The CBOB added that there are currently nine approved digital wallet providers, though only seven are active.

The Central Bank said it is currently making improvements to its own wallet, which was the original wallet when the digital currency was launched in 2019.

"The Central Bank's original Sand Dollar mobile wallet is undergoing a facelift," the statement said.

"The smoother interface will include new features and promote a more pleasant user experience. The enhanced mobile app will provide a number of self-service tools, ranging from self-onboarding to secure wallet recovery. An optional memo field has been added, which allows additional transaction details, aiding reconciliation. The updated Sand Dollar app will feature a list of frequent contacts with whom wallet holders regularly transact. The Central Bank anticipates a public release in September 2023."

In an effort to improve adoption, Sand Dollar has been offered at many festivals over the last year. Most recently, the statement said, Sand Dollar was accepted at the Long Island Regatta and the All-Andros Crab Fest.

"Similarly, Cash 'N Go has been selected by the Bahamas Games Organizing Committee to facilitate Sand Dollar wallet services as one of the payment methods accepted at the 7th to 15th July event," the bank said.

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