The ECCB to test a Blockchain-Based Central Bank Digital Currency
By Luke Flowers – Cryptocurrency Enthusiast
The Eastern Caribbean Central Bank (ECCB) has reportedly launched a pilot project to develop a Central Bank Digital Currency (CBDC). The digital currency is to be used within the Eastern Caribbean Currency Union (ECCU) to transact more freely.
The ECCB has signed a contract with the blockchain-based service company Bitt group that operates in the surrounding area to conduct the test. This CBDC will be pegged to the value of the EC Dollar (DXCD) as a digital version to be distributed and used within the ECCU jurisdiction. Those living in the area will be able to buy crypto with the CBDC more efficiency and use the coin for Peer-to-Peer (P2P) transactions using a smartphone. This will enable crypto buying using the CBDC directly from a mobile device between consumer and merchant.
The pilot has been stated as a strategic plan to help reduce cash usage within the union by 50% to promote greater financial sector stability and facilitate the growth and development of ECCU countries. Traditional banking between the countries of the ECCB will incur delays in which transactions using the CBDC will occur much quicker and cheaper, reducing overheads. If the citizens of the ECCU have not been buying crypto already, they may begin with this new initiative.
The ECCB was established back in October 1983 as a monetary authority for the surrounding countries such as Anguilla, Antigua and Grenada with many additions to the group over the years. The DXCD pilot will be introduced in two phases over 12 months for development and testing.
You can head over to our platform for buying crypto if you’re looking to buy Bitcoin UK or keep up with the latest developments in the space.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards