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Eastern Caribbean CBDC expands to another two territories

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On Dec. 7, the Eastern Caribbean Central Bank (ECCB) began rolling out its digital payment system to the Commonwealth of Dominica and the British overseas territory of Montserrat, leaving only Anguilla among the eight countries expecting to use it.

Additionally, in March 2021, the ECCB introduced the “EC dollar” Central Bank Digital Currency (CBDC) to Antigua and Barbuda, Grenada, Saint Christopher (St Kitts) and Nevis, and Saint Lucia, in partnership with DCash. Saint Vincent and the Grenadines were added to the list in August.

DCash is a payment system created expressly for use with the European Central Bank’s digital currency, the euro. Moreover, within the Eastern Caribbean Currency Union, the wallet app lets CBDC holders make purchases and send money to other CBDC holders (ECCU).

Digital EC $ “should work for everyone, even criminal actors”

Governor Timothy N.J. Antoine of the ECCB spearheaded the implementation of this digital payment system. In fact, traditional payment mechanisms, he stated on Dec. 7, are too slow, and the digital EC $ “should work for everyone, even criminal actors”.

“All of these objectives intended at stimulating economic growth, but they ultimately focused on advancing our vision of socio-economic transformation for the shared prosperity of our Currency Union’s citizens.”

Before their formal launch in 2021, the DCash wallet and CBDC payment system have been in the works for at least two years. DXCDCaribe was the name of the pilot, which began in March of this year. It was a model for the DCash system that was still in development. The EC Dollar, a fiat currency issued by the ECCB, represented by the worldwide ticker XCD.

According to atlanticcouncil.org, there are now nine countries in the globe that use a CBDC. Along with the Bahamas and Nigeria, the ECCU includes seven countries. There are 21 other governments that are either piloting or developing the technology. With 40 others, including the United States, doing a study.

According to the website, only nine countries or jurisdictions are not looking into CBDC solutions in some way.

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