After creating its own central bank digital currency (cbdc), the sand dollar, the bahamas became a global leader in e-money last year. instead of the decentralized and private peer-to-peer system that underpins cryptos, the central bank controls the issuance of cbdcs. this means that, unlike decentralized cryptocurrencies, the value of cbdcs will be largely determined by the institution, rather than fluctuating according to speculative fevers.

the bahamas is leading a group of countries that have already created their own digital currency. china stands out for the scope and ambition of its initiative, while south korea and sweden appear to be on track to establish their own cbdcs in the near future. the federal reserve, on the other hand, looks to be behind in the development of a digital currency, with chairman jerome powell recently suggesting that there is no need to rush.

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