Introducing the DCash, the Eastern Caribbean’s Digital Currency
The Eastern Caribbean Central Bank (ECCB) has officially launched its digital currency, also known as DCash, this week.
DCash, considered legal tender, is a real-time payment option available within the Eastern Caribbean Currency Union (ECCU) and offers a safer, faster and cheaper method for making payments.
According to the Governor of the ECCB, Timothy Antoine, the initiative's goal is to increase opportunities for inclusion and create financial growth and business opportunities for the citizens of the region.
Currently, the Eastern Caribbean dollar is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States (OECS). It has been pegged to the United States dollar since 1976.
The ECCB partnered with Bitt Inc to develop the securely minted digital version of the EC dollar.
"Bitt is very proud to provide the ECCB with our full stack of digital currency management systems to enhance the financial services within their member countries," said CEO of Bitt, Brian Popelka.
The Federation of St Kitts and Nevis is one of the first Eastern Caribbean nations to embed the pilot currency, a sentiment in line with its digital transformation promised in 2020.
Akilah Byron-Nisbett, the Minister of St Kitts and Nevis' Information and Communication Technology, shared that the digital transformation would boost the economy and make the country a world leader in digital delivery for its citizens, residents and investors in an Economic Forum last year.