Mastercard has initialed an agreement by which it will introduce a debit card supporting the state virtual currency of the Bahamas, namely the Sand Dollar.
In supplement to the Central Bank of the Bahamas, the local Island Pay payment system will take part in the issuance of the debit card. Citizens of the Bahamas will be able to obtain goods and services utilizing the national cryptocurrency, while the conversion to fiat money will be conducted automatically.
Raj Dhamodharan, the Vice-President responsible for Digital Assets and Blockchain Products at Mastercard, stressed that the payment behemoth is thrilled to develop new opportunities connected to alternative forms of payment methods for countries.
“This partnership is an illustration of exactly how the private and public sectors can reimagine new opportunities while retaining high levels of user safety and regulatory conformity,” Dhamodharan said.
Previously Mastercard informed that this year clients of the firm’s services will gain access to cryptocurrencies. It certainly looks like the Sand Dollar backing has come to be a part of this initiative.
We remind you that the introduction of the virtual national currency of the Bahamas has taken place in October 2020. The cryptocurrency is fixed to the local fiat currency, namely the Bahamian dollar, at a 1:1 ratio.
Just recently Mastercard rival Visa revealed plans about expanding opportunities for cryptocurrency payments.
