The Eastern Caribbean Central Bank has announced the roll-out of its central bank-backed digital currency, DCash, on 31 March 2021.
The digital currency has gone live in the pilot countries of Antigua and Barbuda, Grenada, Saint Christopher (St Kitts) and Nevis and Saint Lucia.
DCash is a minted digital version of the Eastern Caribbean dollar issued by the ECCB and offers a way to pay for goods and services and send EC funds to other DCash users all using a smart device.
The central bank states that DCash is safer, faster, and cheaper than its own traditional fiat money. Consumers and merchants can sign up to use DCash through participating financial institutions or by downloading the DCash App from Google Play or Apple Store.
DCash was developed in close collaboration with Bitt Inc for over two years in an effort to increase financial inclusion, competitiveness, and resilience for the people of the Eastern Caribbean Currency Union.
The ECCB is responsible for the monetary stability of the Eastern Caribbean Currency Union, composed of the islands of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.