By: Tito Chapman
The Eastern Caribbean Central Bank (ECCB) officially launched its digital currency –DCash on Wednesday, touting the initiative as being safer, faster and cheaper.
DCash is being piloted in four countries namely: Antigua and Barbuda, Grenada, St. Lucia and St Kitts and Nevis. After the twelve-month pilot, the ECCB will assess the feasibility of a full commercial launch to all eight of their member countries.
At Wednesday’s official DCash launching ceremony, ECCB Governor Timothy Antoine said that he believes the digital economy is a principal pathway to socio-economic transformation and shared prosperity.
Antoine said….
Payments are the lifeblood of every economy
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.
In highlighting advantages of digital cash over physical currency, Antoine said…
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.
According to the ECCB Governor, payments and transfers are ‘near instantaneous’- about three seconds with DCash. Antoine also disclosed that there’s no charge for D-Cash transactions because the ECCB has made that upfront investment.
Consumers may obtain DCash from their commercial banks, credit unions or other authorised institutions. The DCash App can also be downloaded on the Apple App Store or the Android Playstore if users wish to send money to friends or family.
Features of DCash Wallet and Merchant are listed below…
Wallet
DCash Wallet allows consumers to:
- Send and receive digital EC currency – locally and cross-border
- Purchase goods and services – locally and cross-border
- Manage digital EC currency
- cashIN and cashOUT digital EC currency
Merchant
DCash Merchant allows businesses to:
- Receive digital EC currency payments – locally and cross-border
- Send live invoices to instantly receive digital currency payments – locally and cross-border
- Save time – transactions and settlement are instant and simultaneous
- Save money – transactions are free
- Increase profitability by reducing wait times and the cost of managing cash
