Eastern Carribean Central Bank Launches First Union-Backed CBDC
On Wednesday, the Eastern Carribean Central Bank (ECCB) officially launched DCash, its central bank digital currency (CBDC). DCash is a digital version of the Eastern Carribean dollar — which is the official currency for eight Carribean nations. The ECCB has partnered with fintech provider Bitt to oversee infrastructure and operation of the brand new digital currency. Today, #DCash, designed and developed by international fintech company Bitt in partnership with Eastern Caribbean Central Bank (ECCB), became […]
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The Bank of England has proposed the introduction of a central bank backed digital currency alongside fiat banknotes. The idea of creating a central bank backed digital currency is not a new thing. The digital currency community and central banks of various nations have floated this idea at one point or another. While most nations are yet to act upon it, the Bank of England is already doing the groundwork for such an implementation. A ‘Staff Working Paper‘ published this month as part of the research commissioned by the Bank of England reports that introduction of a Bank of England backed....
The ECCB has launched a regional central bank digital currency in partnership with Caribbean fintech outfit Bitt. The Eastern Caribbean Central Bank, the main financial institution of the Eastern Caribbean Currency Union, has launched DCash.The ECCB announced the launch of its CBDC for the region via a media event held on Wednesday.DCash is the digital version of the Eastern Caribbean dollar — the official currency of the eight countries in the union.However, as announced during the launch, DCash is only available in four of the currency union’s member states: Grenada, St. Kitts and Nevis,....
The Eastern Caribbean Central Bank (ECCB) expanded its CBDC (DCash) to two more nations of the commonwealth: Dominica and Montserrat. Now, the digital version of the EC dollar has been rolled out in seven out of all eight-member from ECCU countries. The Eastern Caribbean dollar (EC$) is the currency used by the members of the Organisation of Eastern Caribbean States (OECS), and a central bank’s pilot project rolled out the DCash as a digital version of the currency that can be sent and received through a free app for users based in any eastern Caribbean country that has launched the....
Two more Eastern Caribbean nations have begun using the DCash system, which allows payments and transfers of the digital EC dollar CBDC. The Eastern Caribbean Central Bank (ECCB) rolled out its digital payment system to The Commonwealth of Dominica and the British overseas territory of Montserrat on Dec. 7, leaving only Anguilla left among the eight countries planning to implement it.The ECCB launched the “EC dollar” Central Bank Digital Currency (CBDC) in March 2021 in collaboration with DCash to Antigua and Barbuda, Grenada, Saint Christopher (St Kitts) and Nevis, and Saint Lucia. In....
Apathetic Nigerian lenders are frustrating the e-naira’s adoption because they are worried this could deprive them of a key revenue source, Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, has said. Emefiele said the central bank is working on a channel that would enable Nigerians without bank accounts to open e-naira wallets. E-Naira Undercuts Lenders’ Investment in Mobile Banking Infrastructure The Nigerian central bank governor, Godwin Emefiele, has reportedly slammed some lenders he accuses of thwarting the adoption of the e-naira digital currency in the....