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NASSAU, Bahamas, Dec. 30, 2020 /PRNewswire/ — Doo Prime, an international pre-eminent online broker successfully secured a one-year professional indemnity (PI) insurance for Doo Prime Bahamas Limited, effectively from December 10, 2020.
This PI insurance is an acknowledgement of Doo Prime as a licensed professional, and their dedication in complying with the higher standards of practice in the online trading industry.
Through this PI insurance, the aggregate limit of liability shall be US $500,000.00, being the insurer’s maximum liability exposure to all claims during the PI insurance policy period.
The insurance, often referred to as professional liability insurance or PI insurance, will cover any legal costs and expenses incurred by Doo Prime and any loss or damages incurred as a result of Doo Prime’s liability towards customers.
Moreover, the framework of PI insurance originates from internationally applicable standards of practice, knowledge, and ethics.
Besides, PI insurance shall be governed by and construed in all respects following the laws of Puerto Rico, and the parties agree to submit to the non-exclusive jurisdiction of the courts of Puerto Rico.
Doo Prime prides itself as a global leading online broker, strongly adhering to values in ensuring utmost security and safety for all our clients.
About Doo Prime
Doo Prime is under the Doo Group with operation centers in Hong Kong, Dallas, Singapore, Kuala Lumpur, and other regions. Our main ethos is to provide professional investors with global financial instruments (CFDs) on our trading platform.
Doo Prime holds the financial regulatory licenses in Mauritius and Vanuatu, which has granted the opportunity to deliver the finest trading experience to more than 18,000 professional clients, alongside with managing a massive trading volume of billions of dollars monthly.
By the virtue of robust technological innovation by the group, Doo Prime has achieved seamless connection with the global trading market, providing thousands of CFD products on multiple trading terminals such as MT4, MT5, TradingView, InTrade, and more, covering Forex, Precious Metal, Energy, Indices, Securities and Futures, allowing clients to invest globally with one click.
With a solid vigorous group background, competitive trading cost, convenient deposit and withdrawal methods, plus 24/7 multilingual customer service, Doo Prime is committed to become private veteran broker.
Website: www.dooprime.com
SOURCE Doo Prime
NASSAU, Bahamas, Dec. 30, 2020 /PRNewswire/ — Doo Prime, an international pre-eminent online broker successfully secured a one-year professional indemnity (PI) insurance for Doo Prime Bahamas Limited, effectively from December 10, 2020.
This PI insurance is an acknowledgement of Doo Prime as a licensed professional, and their dedication in complying with the higher standards of practice in the online trading industry.
Through this PI insurance, the aggregate limit of liability shall be US $500,000.00, being the insurer’s maximum liability exposure to all claims during the PI insurance policy period.
The insurance, often referred to as professional liability insurance or PI insurance, will cover any legal costs and expenses incurred by Doo Prime and any loss or damages incurred as a result of Doo Prime’s liability towards customers.
Moreover, the framework of PI insurance originates from internationally applicable standards of practice, knowledge, and ethics.
Besides, PI insurance shall be governed by and construed in all respects following the laws of Puerto Rico, and the parties agree to submit to the non-exclusive jurisdiction of the courts of Puerto Rico.
Doo Prime prides itself as a global leading online broker, strongly adhering to values in ensuring utmost security and safety for all our clients.
About Doo Prime
Doo Prime is under the Doo Group with operation centers in Hong Kong, Dallas, Singapore, Kuala Lumpur, and other regions. Our main ethos is to provide professional investors with global financial instruments (CFDs) on our trading platform.
Doo Prime holds the financial regulatory licenses in Mauritius and Vanuatu, which has granted the opportunity to deliver the finest trading experience to more than 18,000 professional clients, alongside with managing a massive trading volume of billions of dollars monthly.
By the virtue of robust technological innovation by the group, Doo Prime has achieved seamless connection with the global trading market, providing thousands of CFD products on multiple trading terminals such as MT4, MT5, TradingView, InTrade, and more, covering Forex, Precious Metal, Energy, Indices, Securities and Futures, allowing clients to invest globally with one click.
With a solid vigorous group background, competitive trading cost, convenient deposit and withdrawal methods, plus 24/7 multilingual customer service, Doo Prime is committed to become private veteran broker.
Website: www.dooprime.com
SOURCE Doo Prime
The Central Bank of The Bahamas has announced that “Sand Dollar” as a state-backed virtual currency is now available nationwide.
According to the project Sand Dollar posted on Facebook on October 20, at approximately 10pm UTC time, a total of 393,000 residents in the Bahamas started using “Sand Dollar”. Therefore, the Bahamas became the first country in the world to officially launch CBDC.
At present, China is testing a digital renminbi pilot project by issuing 1.5 million U.S. dollars of digital renminbi, and the Cambodian digital currency “Bakong” is expected to be put into use in the next few months following the trial in July 2019.
Sand Dollar transfers are made via mobile phones. As of 2017, approximately 90% of Bahamas residents use mobile phones.
According to the Sand Dollar website, Bahamian residents can use digital currency at any merchant by using an electronic wallet approved by the central bank on a mobile device, and transaction fees are “negligible.” The Central Bank of the Bahamas has selected the transaction provider NZIA as its technical solution provider for the launch of digital currency.
The Central Bank of the Bahamas has been preparing for the launch of its CBDC for several years. In 2019, the Central Bank of the Bahamas launched a pilot project using 48,000 digital Sand Dollars on Exuma and Abaco, which have a total population of less than 25,000. Each Sand Dollar is linked to the Bahamian dollar, and the Bahamian dollar is linked to the U.S. dollar.
Sand Dollar aims to promote greater financial inclusion in the more than 700 island countries of the archipelago (of which about 30 are inhabited).
According to a September report by Cointelegraph, Chaozhen Chen, deputy manager of eSolutions at the Central Bank of the Bahamas, said that Sand Dollar will help residents who have not received banking services and who do not have bank accounts access digital payment infrastructure or banking infrastructure.
- The Central Bank of the Bahamas has just released its national cryptocurrency, the Sand Dollar.
- In doing so, the country became the world’s first nation to roll out its own CBDC, beating even China.
- The coin can be used via mobile, and residents can use it for payments at any merchant with a bank wallet.
China has made central banks around the world start considering, and even exploring and developing CBDCs after it originally revealed digital yuan. However, while China was considered to be in the lead when it comes to the development and testing of its own CBDC, it appears that another project may have surpassed it.
The Bahamas central bank releases the world’s first CBDC
According to a recent announcement by the Project Sand Dollar on Facebook, the country’s national cryptocurrency, the so-called Sand Dollar, was just released for nationwide use.
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The announcement was published on October 20th, revealing that the Sand Dollar became available from around 10:00 PM UTC. All 393,000 residents of the Bahamas can now use it, which makes this country the first in the world to release a CBDC to the entire nation.
As some may know, China has supposedly finished the development of its own coin, and it has been testing it in multiple regions for quite a while now. However, not even China has released its coin to the entirety of its nation.
Another project that is reportedly close to releasing the coin is Cambodia, whose Bakong cryptocurrency might see the launch in the next few months. The country launched its pilot a while ago, in July 2019.
Details about the Sand Dollar
Of course, the central bank of the Bahamas did not rush its coin just to benefit from the first-mover advantage. It has been preparing to launch its own crypto for several years.
Evidently, it started its own pilot program back in 2019, when it used 48,000 Sand Dollars on two of the islands — Abaco and Exuma. Each Sand Dollar is pegged to the country’s national currency, the Bahamian dollar. Meanwhile, each Bahamian Dollar is pegged to the USD.
From what is known, the Sand Dollar can be transferred via a mobile app, as a 2017 study discovered that around 90% of the country’s population is using mobile phones. Residents can also use the coin at any merchant that owns an e-Wallet approved by the Central Bank.
Transaction fees are also extremely low. In fact, the central bank went as far as to call them ‘negligible.’
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- The Central Bank of Bahamas will be rolling out its cryptocurrency as early as next month.
- Lack of banking service in remote areas necessitated the introduction of the Bahamas CBDC.
- The Pilot phase of the “Sand Dollar” project was rolled out in 2015, and it was deemed to be successful.
The Central Bank of Bahamas has put plans in place to roll out its digital currency across the country. With this plan fully set, the Bahamas will be aiming to be the first country in the world to have a state-backed e-currency. The country’s central bank has also finalized plans to launch a central bank-issued cryptocurrency from as early as next month.
The digital currency will encourage more monetary participation
Chaozhen Chen, assistant supervisor of eSolutions at the bank, revealed that the government-backed cryptocurrency will be known as “Sand Dollars”. The aim of launching the cryptocurrency, according to Chen, is to improve the monetary participation especially in the remote areas of the island.
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He said, “A lot of residents in those more remote islands don’t have access to digital payment infrastructure or banking infrastructure. we really had to customize the effort and the solution to what we need as a sovereign nation.“
One unique feature about the Sand Dollar is the fact that anyone can make the transfers as long as they have a smartphone. That means, it will encourage more monetary additions since more than 90% of the population of the Bahamas own or have access to a smartphone, Chen pointed out.
Chen did not fail to mention that both the Bahamas Dollar and the central bank digital currency (CBDC) will be subjected to the same guidelines. He said know-your-customer policies and anti-money laundering defenses will be applied to the accounts that will use the virtual currency.
As the needs of the Bahamas population for digital currency increases, the bank plans to develop new digital currencies to meet those needs. The CBDC will be rolled out along with the Bahamas dollars to minimize the potential influence on financial supply.
Lack of adequate banking service created a need
The plan to launch a CBDC by the Central Bank of the Bahamas was initially revealed in June 2018. This was necessary as several banks around the smaller islands trimmed down their operational network, with most of the communities affected.
Many of the banks pulled out from the communities as a result of their downsizing, leaving the communities with no proper banking services. This brought the need for an alternative method for residents in such communities to have financial services, which prompted the development of Bahama’s CBDC.
The “Sand Dollar” project was released in 2015, with each Sand Dollar having the same value as the Bahamas dollar. Although the pilot phase saw the release of only 48,000 Sand Dollars, it was considered successful.
The Bahamas is gunning to become the first country in the world to roll out a state-backed virtual currency nationwide, and has announced it will launch a central bank-issued cryptocurrency in October.
The assistant manager of eSolutions at the Central Bank of The Bahamas, Chaozhen Chen, told Bloomberg that the digital currency, dubbed “Sand Dollars,” is intended to drive greater financial inclusion among the remote islands within the archipelago nation.
“A lot of residents in those more remote islands don’t have access to digital payment infrastructure or banking infrastructure. We really had to customize the effort and the solution to what we need as a sovereign nation.”
Sand Dollar transfers are made by mobile phone, with roughly 90% of the Bahamian population using mobile phones as of 2017.
Chen noted that the central bank digital currency, or CBDC, will be subject to the same regulations as the Bahama dollar, with anti-money laundering and Know Your Customer protections surrounding the creation of accounts to use the virtual currency.
New digital dollars will be created as demand grows, with the CBDC exclusively issued alongside the retirement of Bahamian dollars to mitigate potential impacts on monetary supply.
The Central Bank of the Bahamas first announced its desire to pilot a CBDC in June 2018, noting that many smaller islands had seen “commercial banks downsize and pull out of their communities, leaving them without banking services.”
The government launched the “Project Sand Dollar” pilot last year, trialing its CBDC on the small islands of Exuma and Abaco — representing populations of just 7,314 and 17,224, respectively.
Each Sand Dollar is pegged to the Bahamian dollar, which is, in turn, pegged to the U.S. dollar. While only 48,000 Sand Dollars were issued in the pilot, the project was hailed as a success.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Samuel Haig
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