MasterCard has announced it will issue the world's first central bank digital currency-linked (CBDC) card. According to a press release, the fintech corporation will roll out the new card in a collaboration with Central Bank of The Bahamas and Island Pay.
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Supported by the Bahamas Sand Dollar, the card will give its owners to convert the digital currency to traditional Bahamian dollars and pay for goods or services. Central Bank of The Bahamas Governor, John Rolle, says the watchdog will continue to encourage fintech developments "that tie into the Sand Dollar infrastructure."
The Bahamas first released the CBDC in October 2020. The Bahamas Sand Dollar is pegged to the Bahamian dollar, which is in turn linked to the US dollar. The CBDC can be used through smartphones, a device that around 90% of the population of the archipelago have access to. To operate with the currency, users must first install an electronic wallet approved by the central bank.
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