The Central Bank of The Bahamas (CBOB) has announced plans to issue its own digital currency to combat the use of cash in the aftermath of natural disasters.
As the head of CBOB John Roll (John Rolle) said, the state digital currency will contribute to the rejection of the paper money use. In addition, a special wallet will be developed that will store the user’s identity.
“This will help to avoid problems with the transfer and processing of cash. Digital currency will allow fair distribution of humanitarian aid in case of floods and will make this process more transparent” – Roll said.
The head of CBOB also stated that hurricanes have serious consequences for the banking industry – they not only destroy bank branches, but also reduce the availability of electricity for the population.
Richard Myers, decentralized application engineer at Global Mesh Labs, noted: “In developing countries, Internet connectivity is expensive and unreliable. Using various solutions giving access to cryptocurrencies in these parts of the world is justified.
Transactions in Bitcoin networks can also be carried out through networks with low bandwidth, for example radio”.
Recall that in May, the Central Bank of the Bahamas officially confirmed plans to issue its own cryptocurrency by 2020.