Eastern Caribbean Central Bank Launches DCash-Union Backed CBDC

Eastern Caribbean Central Bank Launches DCash-Union Backed CBDC

A few days ago, the Eastern Caribbean Central Bank launched DCash which is a central bank digital currency and the latest version of the country’s dollar. It will also be the official currency for eight Caribbean nations after it partnered with fintech provider Bitt to oversee infrastructure and operation of the currency so let’s read more in today’s altcoin news.

The Eastern Caribbean Central Bank decided to digitize its financial infrastructure to offer more efficient and securitized alternatives to traditional payment systems and in a statement earlier  posted, the bank stated that it had “develop[ed] this digital version of the EC currency in an effort to increase financial inclusion, competitiveness, and resilience for the people of the Eastern Caribbean Currency Union.”

The ECCB is the first currency union to ever launch a CBDC and it is in an agreement between nations to maintain the same currency or to keep the prices pegged at the same level. The Euro is one example. While the union consists of eight sovereign states, Dcash is only available in Saint Lucia, St. Kitts and Nevis, Antigua and Barbuda, and Grenada.

Other nations like China and Japan were experimenting with their own potential digital currencies but remained cautious. China runs a regional pilot program, as well as most, are distributing $1.5 million in Yuan for all citizens for the Chinese Lunar New Year. As global economics has some of the biggest GDPs, it’s very important for these countries to consider the implications of a digital currency. China also proposed a set of global guidelines on CBDCs and raised concerns over how the digital currencies are affecting foreign exchange and trades.

eastern caribbean centranl bank
Source: Tokenpost

By 2022, the Eastern Caribbean Central Bank and Bitt will integrate Dcash into the union’s financial ecosystem and it will start with the first four pilot nations.

Speaking of the Caribbean, New bitcoin SV headquarters are revealed in the Caribbean by the gambling business mogul Calvin Ayre. Ayre describes the new Bitcoin SV headquarters are the new home of the platform exactly there in the Caribbean. The new home for Bitcoin SV appears to have pleased Antigua and Barbuda’s government according to Prime Minister Gaston Browne describes it as the most impressive building on the island.