The Eastern Caribbean Central Bank (ECCB) officially launched its digital currency -DCash on Wednesday, touting the initiative as being safer, faster and cheaper.
The four pilot countries where the public can obtain DCash are Antigua and Barbuda, Grenada and Saint Christopher (St Kitts) and Nevis and Saint Lucia.
Speaking at Wednesday’s official DCash launching ceremony, ECCB Governor Timothy Antoine said he believes that the digital economy is a principal pathway to socio-economic transformation and shared prosperity.
“Payments are the lifeblood of every economy,” Antoine said.
As a result, he noted that the ECCB regards the payment system as a public good.
Antoine explained that the payment system should work for all, except illicit actors.
And he highlighted the advantages of digital cash over physical currency.
According to Antoine, unlike physical cash, people cannot steal digital cash.
“In the context of the ongoing pandemic where physical and social distancing are required, DCash offers a contactless method of payment that serves us well in our new normal,” the ECCB Governor stated.
Antoine also asserted that payments and transfers are ‘near instantaneous’- about three seconds.
In addition, he disclosed that there’s no charge for D-Cash transactions because the ECCB has made that upfront investment.
According to the ECCB Governor, the bank has been careful to imbed anti money laundering and combatting financing of terrorism protocols in the D Cash design.
He also said it incorporates industry standards and best practices as they relate to cyber security.
The DCash pilot phase will run for 12 months.
Afterwards, the ECCU will roll the initiative out to other member states of the Eastern Caribbean Currency Union (ECCU).
The ECCB says consumers can gain access via the DCash App on their smart devices.
They may also obtain DCash from their commercial banks, credit unions or other authorised institutions.
In addition to the payment functionalities, users of DCash can send money to friends and family who also use the DCash App.
One response to “ECCB officially launches Digital EC Dollar – DCash”
Antigua and Barbuda should explore the possibility of setting up its own Antigua and Barbuda Central Bank (ABCB and adopt the United States Dollar as its currency, backed up by a parallel Antigua and Barbuda Dollar. The reason for this suggestion is because Antigua and Barbuda pays too high a price for being a member of an Eastern Caribbean Economic Union (ECEU and the Eastern Caribbean Central Bank (ECCB. The reality is that Antigua and Barbuda has had the strongest economy in the Organization of Eastern Caribbean States (OECS over many decades; but has benefitted the least from the economic union.
Or, alternatively, we can have a Leeward Islands Economic Union (LIEU and Leeward Islands Central Bank (LICB. We should also try to advance this into a Leeward Islands Federation (LIF in time to come. So, the Leeward Islands will go its own way, and use the United States Dollar, backed up by a Leeward Islands Dollar of equivalent value. The Windward Islands will then go their own way as well, and perhaps evolves into a Windward Islands Federation (WIF.
The reasons for the proposed changes are that:
1. Antigua and Barbuda pays too high a financial price for being a member of the Organization of Eastern Caribbean States (OECS, and its Associated Central Banking arrangements.
2. The people of Antigua and Barbuda would enjoy a much higher level of prosperity on their own.
This means that Antigua and Barbuda should look to throw off this financial burden once and for all. We will then enjoy the same standard of living as the British Virgin Islands and the Cayman Islands.