The Bahamas is about to become one of the only nations with an official national cryptocurrency. Specifically, the Sand Dollar will be deployed nationwide in October.
You may have seen news stories about the Sand Dollar before, since the Sand Dollar has indeed been around since December, but up to this point it has just been experimental and in limited circulation. Essentially, the Bahamian government printed $48,000 worth of Sand Dollars, and tested it on the island of Exuma, a region which desperately needed cryptocurrency since Hurricane Dorian destroyed the infrastructure of the island in 2019.
Apparently the Sand Dollar pilot was successful, and in October the Sand Dollar will become available everywhere in the Bahamas.
The Sand Dollar is actually quite similar to Tether (USDT), since it is a stablecoin backed by the Bahamian Dollar, with the Bahamian Dollar being pegged 1:1 with the USD. Therefore, this is not new technology, and is almost exactly the same as the popular stablecoins which already exist.
However, the groundbreaking thing about the Sand Dollar is that it will enable instant digital payments and banking throughout the Bahamas. This solves one of the biggest financial problems in the Bahamas, which is that the Bahamas consists of thousands of islands, and many of those islands have no access to banks.
With the Sand Dollar, anyone in the Bahamas can have a working bank account even if they are on the most remote island.
Thus, the Bahamian Sand Dollar is an excellent example of how cryptocurrency technology can be instituted on a national scale in order to provide instant and secure payments and banking solutions, which is especially important for people who live in remote regions where no physical banks are accessible.