IMF recommends The Bahamas 'accelerate its education campaigns' on CBDC
Reporting on a consultation with the Caribbean nation on Monday, the IMF said its executive directors “recognized the potential of the Sand Dollar to foster financial inclusion” and recommended the Central Bank of The Bahamas “ accelerate its education campaigns and continue strengthening internal capacity and oversight.” The consultation was somewhat of a departure from several of the IMF’s previous warnings to many countries against the adoption of digital assets — but many of those did not include CBDCs.
The recommendation came following the conclusion of an Article IV consultation in The Bahamas on May 4. According to the IMF, during such a consultation, a team of economists visits a country “to assess economic and financial developments and discuss the country's economic and financial policies with government and central bank officials.”
In addition to recommending financially educating the public in The Bahamas, the IMF hinted at the importance of “robust supervisory and regulatory framework” for digital assets. During an interview at SALT’s Crypto Bahamas conference in May, The Bahamas Prime Minister Philip Davis told Cointelegraph that the region has a regulatory regime in place that will enable crypto businesses to operate within its jurisdiction. Davis’ office also said in April the government would “enable payment of taxes using digital assets” by working with the central bank as well as the private sector.
It was an honor to interview the Prime Minister of the Bahamas for @Cointelegraph at @CryptoBahamas stay tuned for our coverage! #CryptoBahamas pic.twitter.com/67EtQgRQeT
Related: IMF urges El Salvador to remove Bitcoin's status as legal tender
To date, The Bahamas and Nigeria are the only two countries to have
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