Bahamas want to protect themselves from 5th category storm with crypto

Bahamas want to protect themselves from 5th category storm with crypto

A project on Bahamian cryptocurrency that is being developed by the central bank, intends to ensure protection from 5th category hurricane. Now cryptos aim to fight with natural disasters and defend communities

“Sand dollar” — a response to the global CBDC tendency

According to the Bahamian central bank located in Nassau, it is working at developing the CBDC on the basis of mobile phones. The crypto may help to protect the economy from the 5th category hurricane damage. The solution has high potential in the country which often suffers from natural disasters and needs a reliable network of the assistance distribution.

Bahamian crypto may accelerate the efforts on dealing with such consequences. In 2019 the island came up against Dorian hurricane which lead to extensive destruction. As a result, the economy faced $3.4 billion losses. Still, the worst was about the destruction of financial infrastructure including banking buildings, ATMs and payment systems.

Sand Dollar is the name given to CBDC project. Currently it is being tested on Abaco. According to the central bank, crypto will assist the process of reconstruction ensuring constant access to financial resources.