The digital dollar currently undergoing testing in four OECS islands is expected to be available in Montserrat in September 2021.
According to new Chairman of the Eastern Caribbean Currency Union Premier Joseph Farrell, DCash which is an Eastern Caribbean Central Bank project is to be rolled out to all members of the union over the next two months.
In his acceptance statement as the new chairman, Premier Farrell commended ECCB Governor Timothy J. Antoine and his team on the “historic achievement of launching the digital currency, DCash. Following a successful launch of the pilot in four of the eight OECS member states earlier this year, I am pleased to note that DCash will be rolled out in the remaining four territories, including Montserrat, by September of this year. This innovation facilitates cross-border payments within the ECCU and opens up more opportunities for e-commerce.”
The first DCash transaction was completed in Saint Lucia in March 2021. It was also being piloted in Antigua and Barbuda, Grenada, Saint Christopher (St Kitts) and Nevis.
DCash is a securely minted digital version of the Eastern Caribbean dollar issued by the ECCB. Consumers can gain access to via the DCash App on their smart devices. Consumers can obtain DCash from their commercial banks, credit unions or other authorised institutions. In addition to the payment functionalities, users of DCash can send money to friends and family who also use the DCash App.