Bahamas prepares to phase out cheque payments
Central Bank of the Bahamas continues to push digital transformation
The Central Bank of the Bahamas has announced its intention to phase out cheque payments by 2024.
The Bahamas became the first country to issue a central bank digital currency (CBDC) in late 2020, and now the country is looking to push the digital transition further.
“In the Bahamas, electronic fund transfers and other non-cash transactions are increasingly substituting for cheque payments,” the central bank says in a consultation document. “It reflects both payer preferences and deliberate
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