Eastern Caribbean Central Bank launches its digital currency

Dcash eastern Caribbean cbdc currency

BASSETERRE, St. Kitts -The Eastern Caribbean Central Bank (ECCB)  has launched its digital currency (CBDC) DCash.

The event was streamed live on social media on the DCashEC platforms and the ECCB Connects on March 31.

In  his official announcement, Timothy Antoine, governor of the ECCB,  noted that DCash is safer, faster and cheaper.”

The ECCB is the first currency union central bank to issue digital cash, a move that comes as bigger monetary authorities such as the European Central Bank look at issuing their own electronic cash.

The DCash is being initially rolled out in four of the eight member countries of the Eastern Caribbean Currency Union, according to Bitt, the Barbados-based firm that led its development. The pilot includes Antigua and Barbuda, Grenada, Saint Kitts and Nevis, and Saint Lucia.

The DCash, a blockchain-based, digital version of the Eastern Caribbean dollar is pegged at EC$2.70 to US$1,

Financial institutions, merchants, and consumers can now download the DCash application on their mobile phones to make transactions.

Users can buy DCash from approved providers using banknotes and coins or by converting funds from their bank account, according to the ECCB, which will provide training.