The Digital Currency DCash, Issued by The Eastern Caribbean Central Bank Has Now Launched
By Kenny S - Cryptocurrency Enthusiast - 01-04-2021
The Eastern Caribbean Central Bank, the primary financial organization of the Eastern Caribbean Currency Union, has introduced DCash. The ECCB held a press event on Wednesday to reveal the release of its CBDC for the area.
A digital currency is similar to cryptocurrency as it is like a crypto to fiat coin, much like if you were to buy Tether (USDT), a crypto that’s fixed at a price equal to USD. The big difference between digital currencies and cryptocurrencies, is you cannot mine digital currencies.
DCash is, essentially speaking, the digital counterpart of the Eastern Caribbean dollar, the official currency of the union's eight member countries. Even so, as stated during the launch, DCash is only accessible in four of the currency union's member countries: Grenada, St. Kitts and Nevis, Antigua and Barbuda, and Saint Lucia.
The project has been in the works for over two years, with the ECCB first revealing its proposals for a CBDC in March 2019. As part of the launch ECCB Governor Timothy Antoine conducted the first-ever live DCash cross-border transaction. It was reported that Governor Antoine transferred $100 DCash from the ECCB headquarters in St. Kitts to multiple wallet holders in three other countries participating in the project reveal.
The ECCB will apparently be able to mint and issue DCash by using Bitt's CBDC management protocols. The ECCB will also be able to redeem and burn the DCash CBDC.
During the launch, the ECCB notes that DCash will facilitate both commercial and private transactions with vendors and merchants who sign up for the DCash Merchant App. Customers will be able to pass DCash to residents of the currency union.
Beyond this, both partners hope to expand DCash to the currency union's remaining four members: Montserrat, the Commonwealth of Dominica, Anguilla, and Saint Vincent and the Grenadines.
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