The Eastern Caribbean Central Bank (ECCB) rolled out its digital payment system in the Commonwealth of Dominica and the British Overseas Territory of Montserrat on December 7, leaving only Anguilla among eight countries planning to implement it.
The ECCB thrown out the central bank digital currency (CBDC) "EC dollar" in March 2021 In collaboration with DCash to Antigua and Barbuda, Grenada, Saint Kitts (St Kitts) and Nevis and Saint Lucia. In August, it was expanded to Saint Vincent and the Grenadines.
DCash is a payment system specifically designed for use with the EC digital currency. The wallet app allows cardholders to make purchases and person-to-person transfers from the CBDC within the Eastern Caribbean Monetary Union (ECCU).
The use of this digital payment system is part of an initiative led by the Governor of the ECCB, Timothy NJ Antoine. He said on December 7 that traditional payment systems are too slow and that the digital EC dollar "should work for everyone except illicit actors."
"All of these goals are intended to drive economic growth, but ultimately to advance our socio-economic transformation agenda for the shared prosperity of the people of our Monetary Union."
The DCash wallet and the CBDC payment system were in development for at least 2 years before their official launch in 2021. The pilot, titled DXCD Caribbean, was launched in March 2019. It was the preliminary model for the DCash system. XCD is the international ticker to the EC dollar, the fiat currency issued by the ECCB.
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There are now nine countries that use a CBDC around the world, according to atlanticcouncil.org. Seven nations are from the ECCU, along with The Bahamas and Nigeria. There are 21 other jurisdictions either in the pilot or development phaseand 40, including the US, conducting research on the technology.
Only nine countries or jurisdictions are not exploring their options with a CBDC in some way depending on the site.
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