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The Eastern Caribbean Central Bank expands to another two territories.

The Eastern Caribbean Central Bank (ECCB) rolled out its digital payment system to The Commonwealth of Dominica and the British overseas territory of Montserrat.


The Eastern Caribbean Central Bank (ECCB) rolled out its digital payment system to The Commonwealth of Dominica and the British overseas territory of Montserrat on Dec. 7, leaving only Anguilla left among the eight countries planning to implement it. The central bank launched the “EC dollar” Central Bank Digital Currency (CBDC) in March 2021 in collaboration with DCash to Antigua and Barbuda, Grenada, Saint Christopher (St Kitts) and Nevis, and Saint Lucia.

 

DCash is a payment system designed specifically for use with the digital EC currency.

DCash is a payment system designed specifically for use with the digital EC currency. The wallet app allows holders to make purchases and person-to-person transfers of the CBDC within the Eastern Caribbean Currency Union (ECCU). The use of this digital payment system is part of an initiative led by ECCB Governor Timothy N.J. Antoine. He said on Dec. 7 that traditional payment systems are too slow and that the digital EC dollar “should work for all, except for illicit actors.”

 

There are now nine countries using a CBDC across the world.

The DCash wallet and CBDC payment system were in development for at least two years before their official launch in 2021. The pilot, titled DXCDCaribe, was rolled out in March 2019, and it was the preliminary model for the DCash system. XCD is the international ticker for the EC Dollar, the fiat currency issued by the ECCB. There are now nine countries using a CBDC across the world, according to atlanticcouncil.org. Seven nations are from the ECCU, along with The Bahamas and Nigeria. There are many countries either in the pilot or development phase, and 40, including the USA, conducting research on the technology.



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