The Eastern Caribbean Central Bank (ECCB) is making progress towards launching the digital version of the Eastern Caribbean currency (DCash) in four Eastern Caribbean Central Union (ECCU) countries namely: Antigua and Barbuda, Grenada, Saint Kitts and Nevis and Saint Lucia.

DCash is not a cryptocurrency. It is legal tender issued by ECCB and will not replace cash. DCash can be used to send and receive funds, pay for goods and services and transact business electronically. Users will pay or transfer money without fees in real-time. No bank account is required and there is no minimum spending limit or minimum balance.

Soon, persons will be able to sign up as a registered-based user or a value-based user. If a person has a bank account at a participating financial institution, he or she can get a registered-based wallet through that financial institution. If your financial institution is not participating or you do not have a bank or credit union account, you get a value-based wallet.

Merchants can also participate in this initiative by signing up through their financial institution. A list of participating financial institutions will be made available to the public in the next few weeks. so that customers and merchants will know where to sign up.

The Eastern Caribbean Central Bank (ECCB) is the monetary authority of the Eastern Caribbean Currency Union (ECCU). The DCash pilot involves the secure minting of a digital version of the Eastern Caribbean dollar (EC$) as legal tender. The ECCU will remain the sole authority to mint, issue and redeem DCash. Phase 1 of the DCash pilot (development and testing) began in March 2019. ECCB is now the rollout and implementation (second phase) in Antigua and Barbuda, Grenada, Saint Lucia and Saint Kitts and Nevis. The digital version will not replace cash.

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By Elizabeth Morgan On February 20, 2019, my article in…