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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).

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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.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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