MasterCard, one of the largest payment companies in the world, announced an agreement that concerns the whole world today.
MasterCard has announced a prepaid card that Bahamas citizens can now use the digital currency of the Bahamas Central bank (sand dollar) wherever they go in the world.
The “Bahamas sand dollar”, the world’s first CBDC, can now be used with a prepaid Mastercard. The Bahamas sand dollar can be used wherever Mastercard is processed.
Sand dollar, which was launched in October 2020, could only be traded with a digital application at certain sellers. The Mastercard agreement will expand this usage area even more.
This move of the country aims to both increase financial participation and reduce the cost of carrying cash in this country consisting of 700 small islets.
With this agreement of Mastercard, sand dollar will reach more users. Bahamian sand dollar is equal in value to US dollar.