Eastern Caribbean CBDC expands to two other regions

Eastern Caribbean CBDC expands to two other regions


The Eastern Caribbean Central Bank (ECCB) launched its digital payment system to the Commonwealth of Dominica and the British Overseas Territory Montserrat on December 7. Only Anguilla is left in the eight countries planning to implement the system.

European Central Bank roll out “EC USD” Central Bank Digital Currency (CBDC) March 2021 work together cash Antigua and Barbuda, Grenada, Saint Christopher (St. Kitts) and Nevis, and Saint Lucia. In August, it expanded to Saint Vincent and the Grenadines.

DCash is a payment system designed for use with digital EC currency. The wallet application allows holders to purchase and transfer individual-to-person CBDC within the Eastern Caribbean Currency Union (ECCU).

The use of this digital payment system is part of a plan led by ECCB President Timothy NJ Antoine. He stated on December 7 that traditional payment systems are too slow and that digital EC dollars “should apply to everyone except illegal participants.”

“All these goals are aimed at promoting economic growth, but ultimately they are meant to advance our socio-economic transformation agenda to achieve the common prosperity of the people of our currency union.”

The DCash wallet and CBDC payment system have been developed for at least 2 years before the official launch in 2021. DXCDCaribe, Launched in March 2019. It is a preliminary model of the DCash system. XCD is the international code for EC USD, and EC USD is the legal tender issued by ECCB.

related: The Reserve Bank of Australia’s “Project Atom” CBDC study found many benefits

According to statistics, there are currently nine countries in the world using CBDC atlanticcouncil.orgSeven countries are from ECCU, as well as the Bahamas and Nigeria. There are 21 Other jurisdictions Whether in Test or development phase, And 40 people including the United States are conducting research on the technology.

According to the website, only nine countries or jurisdictions have not explored options with CBDC in some way.