Are banks in Bahamas going to sink in the sand?

The world is going digital and I totally love it. Different parts of the world are embracing new ways to move money around, particularly with people that are largely disenfranchised. In the Bahamas in particular, the use of Sand Dollar will probably go unnoticed, since they're not exactly making the headlines, but it is actually very incredible.

It is an elaborate story that you can read up on Cointelegraph but the summary is that there are parts of the Island nation that banks literally can't work at. Top of the list of reasons is that the volume of transaction in those parts will probably not even be enough to keep the banks running.

This led to the creation of the digital currency called Sand Dollar which the Government alleged to be the key to financial inclusion in isolated places. The currency is already mainstream and is being used to make everyday transactions.

I like this concept because, through the Government's intervention, they sort of proved that we don't exactly need banks but actually need financial institutions. With countries like Malta, China and the Bahamas embracing digital payments like this, banks in such societies will be on a oneway trip to obsolescence.