The Eastern Caribbean Central Bank will officially launch its digital currency – “DCash” – in Montserrat and Dominica on Tuesday. DCash is now available in seven countries, which are part of the Eastern Caribbean economic bloc.
The bank is the first monetary union in the world to use a government-backed digital currency or CBDC (central bank digital currency), thanks to the adoption of DCash in March.
DCash digital currency increases resilience in the face of natural disasters and improves financial inclusion, especially in places where access to physical money is a big challenge.
DCash is popular because you can use it with or without a bank account, and even perform real-time mobile transactions without incurring any additional fees.
Timothy Antoine, governor of the Central Bank, said DCash’s goal is to boost economic growth. “[The digital currency] is an important instrument in what is the biggest debate on building a digital economy â.
Emerging global leaders in digital finance
Due to their adoption of digital currencies, the countries of the West Atlantic and the Caribbean are slowly emerging as global leaders in digital finance.
DCash is a digital version of the East Caribbean dollar (a CBDC or digital fiat), and cannot be compared to cryptocurrencies such as Bitcoin or Ethereum, which are valued for their independence and anonymity from consumers. monetary authorities.
Last year, the Bahamas launched âSand Dollarâ, the world’s first CBDC, ahead of âDCashâ from the Eastern Caribbean Central Bank. Haiti and Jamaica will also join the crypto train soon. Plans are underway for the launch of their digital currencies.
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Anguilla is next in line
Besides Montserrat and Dominica, DCash is already in use in other small island states, including the Grenadines, Saint Vincent, Saint Lucia, Saint Kitts and Nevis, Grenada, and Antigua and Barbuda.
The Eastern Caribbean central bank plans to launch the digital currency in the last member country of the bloc, Anguilla.
The Eastern Caribbean Central Bank has partnered with Bitt, an international fintech company, to design and launch DCash, the only government-backed digital currency to be publicly issued within a formal monetary union.
Antoine was the first to trade on DCash when it was officially unveiled. It sent $ 100 in DCash from the comfort of the central bank headquarters in Saint Kitts to DCash wallet holders in three pilot countries – Saint Lucia, Antigua and Barbuda and Grenada.
The DCash transaction across small island countries involved massive collaborations with Bitt, the Central Bank and multiple external stakeholders. And it took two years of planning, merchant acquisition, operational training, software development, etc.