Connect with us

Business

Bahamas wants to force banks to support its Sand Dollar CBDC

In a significant move towards digital currency adoption, the Bahamas has enforced legislation requiring all banks in the country to support the Sand Dollar, its central bank digital currency (CBDC).

Published

on

In a significant move towards digital currency adoption, the Bahamas has enforced legislation requiring all banks in the country to support the Sand Dollar, its central bank digital currency (CBDC).

The new mandate, enacted by the Bahamas government, aims to accelerate the integration and usage of the Sand Dollar across the nation. This initiative underscores the country’s commitment to advancing financial technology and promoting digital payments within its economy.

The Sand Dollar, launched in October 2020, has gained traction as a pioneer in CBDCs within the Caribbean region. It facilitates faster and more secure transactions, particularly benefiting underserved communities and remote islands where traditional banking services may be limited.

With the mandatory integration of the Sand Dollar into banking services, all financial institutions in the Bahamas are now required to offer support for CBDC transactions. This directive aims to foster financial inclusion and efficiency, aligning with global trends towards digital currencies.

The legislation marks a pivotal moment in the evolution of digital finance in the Bahamas, positioning the country at the forefront of CBDC adoption globally. As the Sand Dollar continues to gain momentum, stakeholders anticipate broader implications for economic growth and financial accessibility nationwide.

The Bahamas’ proactive stance on digital currency regulation and integration sets a precedent for other jurisdictions exploring CBDC initiatives. The mandated support for the Sand Dollar by all banks signals a strategic move towards modernizing financial infrastructure and promoting digital innovation on a national scale.

As the implementation progresses, stakeholders and observers will monitor the impact of this legislation on financial services, economic dynamics, and consumer behavior in the Bahamas. The development underscores a transformative shift towards a more inclusive and digitally-enabled financial ecosystem.

Business

Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

Published

on

Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

Continue Reading

Business

Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

Published

on

Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

Continue Reading

Business

Hackers are selling counterfeit phones with crypto-stealing malware

Published

on

Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk