The Eastern Caribbean Central Bank (ECCB) located in Saint Christopher (St. Kitts) and Nevis announced the launch of the central bank cryptocurrency (CBDC) DCash on Wednesday.
Countries such as Russia, China, and Japan are new in the process of testing central bank cryptocurrencies (CBDCs) as part of the expansion of the financial system as previously reported. Yet ECCB has taken a bold step by publishing and launching their CBDC.
According to a prominent person in the ECCB on Wednesday, the CBDC can help speed up transactions and overcome problems faced in the payments sector.
The launch of DCash ECCB was one that caught mass attention as it was the first example of a central bank announcing the use of CBDC. CBDC DCash is a cryptocurrency agreed between 4 countries in the Carribean St. Kitts and Nevis, Antigua and Barbuda, Grenada, and Saint Lucia.
ECCB partnered with fintech firm Bitt to manage DCash’s infrastructure and operations. CBDC can be used for consumer, e-commerce, business-to-business, and internal cash management with the DCash Merchant App.
According to ECCB’s central bank, ECCB has been working with Bitt Inc for more than two years to develop the EC currency in digital form to increase the competitiveness and resilience of the people.
Beginning March 31, users and merchants can register to use DCash through a registered financial institution or through the DCash app.
