Eastern Caribbean CBDC spans two regions

On December 7, the Eastern Caribbean Central Bank (ECCB) announced digital payments to the UK through Dominica and Montserrat, and Anguilla was the only country to use the system.

The ECCB announced the central bank digital currency (CBDC) in "European dollar" in March 2021 in partnership with DCash for Antigua and Barbuda, Grenada, Saint Kitts (Saint Kitts) and Nevis, Saint Lucia . In August it expanded to St. Vincent and the Grenadines.

DCash is a payment service specially designed for EC digital payments. The wallet app allows holders to purchase CBDCs through the Eastern Caribbean Monetary Union (ECCU) and enable person-to-person CBDC transfers.

The adoption of these digital payments was initiated by the President of the ECCB, Timothy NJ. It is part of the initiative led by Antoine. He said on December 7 that payments were still too slow and that the EC's digital currency "should be used for everyone except criminals".

“All of these goals are to support the growth of the economy, but ultimately to promote the transformation of the business community to achieve prosperity for the people of our financial institution. "

Prior to the announcement in 2021, Dcash Wallet and CBDC Payments were developed for at least two years. A pilot project called DXCDCaribe was launched in March 2019. It is a prototype of the DCash system. The XCD is the international standard for legitimate EC dollar benefits provided by the ECCB.

According to data from atlanticcouncil.org, CBDCs are currently in use in nine countries around the world. Seven countries are from ECCU, Bahamas and Nigeria. Currently, 21 courts are in the early stages of development and 40 countries, including the United States, are investigating the use of the technology.

According to the website, only nine countries or territories have in no way explored the options of CBDC.