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.

AccessTimeIconFeb 17, 2021 at 3:22 p.m. UTC
Updated Sep 14, 2021 at 12:12 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.