By: Spokesman Newsroom
BASSETERRE, St. Kitts (Sunday 4th April 2021) — The Eastern Caribbean Central Bank (ECCB) has launched DCash — a digital version of the EC Dollar and the world’s first central bank digital currency to operate on a live blockchain. At a virtual ceremony and media session on Wednesday 31st March 2021, Governor Timothy Antoine described DCash as “safer, faster, and cheaper” than physical cash. The initial pilot covers four of the eight ECCU territories: Antigua & Barbuda, Grenada, St. Kitts and Nevis, and St. Lucia — with a full rollout to all member states anticipated by September 2021.
DCash transactions settle in as few as three seconds. Unlike physical cash, DCash cannot be stolen and is a contactless method of payment in keeping with COVID-19 protocols. It is embedded with anti-money laundering and counter-terrorism financing protocols and allows for user data privacy. There are no hidden user charges to operate on the platform.
Two types of DCash wallets are available: value-based wallets that allow users to operate without a bank account, and register-based wallets that connect to existing bank accounts. The ECCB has partnered with Bitt, a Barbados-based fintech company, to develop the cashless platform. Governor Antoine noted that when the project began, the concept of digital currency was considered “extreme,” but said “the extreme is fast becoming mainstream” as nine other central banks are now pursuing similar digital currency initiatives. Merchants already accepting DCash include businesses in Antigua and Barbuda, Grenada, St. Lucia, and St. Kitts and Nevis across a range of retail and service sectors.