The Eastern Caribbean Central Bank (ECCB) has introduced its digital payment system DCash to the Commonwealth of Dominica and the British overseas territory of Montserrat on Tuesday 7 December 2021.
Anyone who has the app can use DCash to make purchases or transfer money, in the form of Central Bank Digital Currency (CBDC), to others within the Eastern Caribbean Currency Union (ECCU) area.
ECCB Governor Timothy N J Antoine said the innovative payment method needed to be introduced because traditional systems were too slow. DCash, he said, “should work for all except for illicit actors. All these goals are aimed at boosting economic growth, but ultimately at propelling our agenda of socio-economic transformation for the shared prosperity of the people of our currency union.”
The ‘EC dollar’ CBDC was inaugurated alongside DCash in March 2021 by the ECCB in Antigua and Barbuda, Grenada, St Kitts and Nevis, and Saint Lucia. It has since expanded operations to Saint Vincent and the Grenadines, Montserrat and Dominica.
This new development means that Anguilla will be the last of the eight ECCU countries/territories set to join the digital platform.