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Mastercard Launches Prepaid Card for World's First CBDC in Bahamas

Mastercard Launches Prepaid Card for World's First CBDC in Bahamas

The Bahamian Sand Dollar can now be used for payments anywhere Mastercard is accepted.

People in the Bahamas now have the option of loading the country’s central bank digital currency (CBDC) onto a prepaid Mastercard to enable use anywhere in the world, the payments giant has announced.

* The Bahamas Sand Dollar, the world's first CBDC, can now be converted into traditional Bahamian dollars using a prepaid Mastercard, enabling users to pay for goods and services wherever Mastercard is accepted worldwide.

* Since deployment in October 2020, the Sand Dollar has been accessed exclusively through a digital app at select merchants.

* The CBDC aims to spur financial inclusion by addressing the expense and difficulty of moving cash between the Bahamas' 700 small islands.

* The Mastercard development will also open the Sand Dollar to more users, as it has previously only been available to individuals and businesses domiciled in the Bahamas.

* The Sand Dollar carries the same value as the Bahamian dollar, itself pegged to the U.S. dollar.

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