The Bahamas was the first country in the world to nationally launch a central bank digital currency – the Sand Dollar in October 2020
So many developing countries, small states in particular, are adopting Central Bank Digital Currencies (CBDCs) so quickly. The Commonwealth Secretariat has published a paper that seeks to understand the drive behind CBDCs in and how they fit into the wider virtual and cryptocurrency landscape. The paper examines the benefits and risks of CBDCs, considers the drivers of CBDCs and unpacks why the technology might be such a good fit for small states.