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Central Bank Invites Expressions of Interest (EOI) for Design and Implementation of A Digital Bahamian Currency

Published: Wednesday August 1st, 2018

The Central Bank of The Bahamas invites submission of expressions of interest (EOI) from qualified firms to supply blockchain or other robust technology solutions for a central bank issued digital currency system. Based on the responses to the EOI, the Bank will identify parties to work on the design and implementation of a secure, reliable platform for a digital version of the Bahamian dollar. Firms so selected may be invited to respond to a detailed Request for Proposals (RFP). If an RFP is released, a notice will be published on the Bank’s website at www.centralbankbahamas.com. Only pre-qualified firms will receive copies of any detailed requirements.

The Bank expects to identify the best fit for purpose solution having regard to any possibility of existing digital payments solutions, including, but not limited to, distributed ledger technology and/or blockchain services; interoperability needs across all payments system participants; and the imperative for universal transition from cash dependence in the remote, lesser populated islands of The Bahamas (the Family Islands). Interested parties are expected to provide their own version of the conceptual framework and roadmap with respect to these technologies and services.

The Bank recognizes the transformative potential of technology and is interested in better understanding the current market, having regard to the transactions processing speed demand of electronic payments, versus other security assurances promised by state of the art financial technology (fintech) solutions. The identified solution would be piloted in a smaller Family Island community before its application in the rest of the country.

It is anticipated that a piloted version of a digital fiat currency would be in circulation within 30 months, and offer security and versatility over a life cycle process for managing currency that is superior to cash.

Parties interested in responding to the EOI request must submit a white paper outlining relevant experience and resources that might suit the Bahamas’ digital currency initiative, no later than 15, September 2018.

The EOI document is available for download from the Central Bank’s website:www.centralbankbahamas.com Questions regarding this announcement shall be submitted in writing by e-mail to [email protected]

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