According to the official announcement, The Central Bank of The Bahamas (CBOB) has revealed the regulatory framework for the introduction of cryptocurrency to the financial services industry.
The financial watchdog admits that cryptocurrency and blockchain can offer “fast, accurate and secure record keeping.” They may also allow for increased payment efficiency (in-country and cross-border), with lower transaction times and costs, the announcement highlights.
However, the announcement declares that Central Bank “will impose constraints on the range of crypto instruments in which SFIs may transact either directly on balance sheet or from an associative point of view.”
It also says that the financial regulator will prohibit direct convertibility between Bahamian dollar (B$) asset and foreign currency denominated cryptocurrency assets or non-resident sponsored instruments.
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