Two other countries in the Eastern Caribbean have introduced the DCash payment system and the CBDC in EC dollars

December 7th The Central Bank of the Eastern Caribbean (ECB) has launched its digital payments system in the Commonwealth of Dominica and the UK overseas territory of Montserrat, so only Anguilla is missing from the eight countries that want to implement it.

In March 2021, the ECB, in cooperation with DCash, introduced the digital currency of the Central Bank (CBDC) for Antigua and Barbuda, Grenada, St. Kitts (St. Kitts) and Nevis as well as St. Lucia. In August it was extended to St. Vincent and the Grenadines.

DCash is a payment system that was specially developed for use with the digital EC currency. The wallet application enables cardholders to make person-to-person purchases and transfers from the CBDC within the Eastern Caribbean Monetary Union (ECCU).

Two other countries in the Eastern Caribbean have introduced the DCash payment system and the CBDC in EC dollars
Two other countries in the Eastern Caribbean have introduced the DCash payment system and the CBDC in EC dollars

The use of this digital payment system is part of an initiative by the Governor of the ECB, Timothy NJ Antoine. He said on December 7th that traditional payment systems are too slow and that the EC digital dollar “should work for all but illegal actors”.

â ???? All of these goals aim to stimulate economic growth, but ultimately to promote our socio-economic transformation agenda for the common prosperity of the residents of our monetary union.

The DCash wallet and the CBDC payment system were in development for at least two years before they were officially launched in 2021. The pilot project called DXCDCaribe was started in March 2019. It was the model for the DCash system. XCD is the international ticker for the EC dollar, the fiat currency issued by the ECB.

According to atlanticcouncil.org, there are currently nine countries using a CBDC around the world. Seven nations belong to the ECCU, along with the Bahamas and Nigeria. There are 21 other jurisdictions in the pilot or development phase and 40, including the United States, researching this technology.

Only nine countries or jurisdictions are not considering their options with a CBDC in any way, according to the website.

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