The Central Bank of The Bahamas (CBOB) gave an update on its Sand Dollar project, which revealed that the number of Sand Dollars in circulation decreased by slightly less than 20,000 between June and August, while the number of consumer wallets grew by some 5,000.

The bank revealed that there is currently $1,076,064.05 of Sand Dollars in circulation.

The update released by the CBOB also revealed that between June and August, the number of merchant wallets only increased by 65. The bank said the diminishing levels of government transfer payments into wallets has led to a negative trend in wallet top-ups.

"Absent these transfers, wallet top-ups were approximately four-fifths lower, at an estimated $8.7 million in the first half of 2023, having a similar sized impact on reduced cash withdrawals from mobile wallets," the CBOB said.

"Although less impacted, the number of person-to-person (P2P) transactions narrowed by 20.5 percent in comparison to the same period a year earlier.

"Moreover, the aggregate value of person-to-business (P2B) and business-to-business (B2B) transactions fell by 18.6 percent to an estimated $4.0 million in June. The majority of transactions processed continue to be in Sand Dollars."

The bank said its Sand Dollar rebate program is an essential aspect of its adoption efforts and has grown to now include AML Foods Ltd. (Solomon's Food Stores and Fresh Markets) in New Providence, Exuma and Grand Bahama.

The CBOB said it is also continuing to beta test its original Sand Dollar mobile wallet.

"The enhanced mobile app will provide a number of self-service tools and features to improve user satisfaction," the bank said.

"These features will begin to be available to wallet users early in the fourth quarter of 2023."

The Central Bank of The Bahamas (CBOB) said in July that it was set to deploy a team of Sand Dollar ambassadors across New Providence and the Family Islands to increase the adoption and use of the world's first central bank digital currency (CBDC).

According to the CBOB statement, promotional efforts have meant that the bank has given away more than $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 post Sand Dollars in circulation dip as wallet holders increase appeared first on The Nassau Guardian.

The post Sand Dollars in circulation dip as wallet holders increase appeared first on The Nassau Guardian.

Click here to read more at The Nassau Guardian