The Eastern Caribbean Central Bank (ECCB), based in Saint Kitts and Nevis, has launched a national digital currency called DCash.
Unlike the Bahamas, where the Sand Dollar digital currency was launched, Saint Kitts and Nevis is part of a monetary union with seven other nations. A currency union allows the use of the same currency in different countries. However, only four countries will accept payments in DCash so far: Saint Kitts and Nevis, Antigua and Barbados, Grenada and Saint Lucia.
To create the infrastructure and develop the state digital currency, ECCB used the services of the fintech company Bitt. The DCash Merchant App was launched, allowing payments to be made between individuals and between organizations, as well as the use of DCash in e-commerce. The official statement of the Central Bank notes:
“ECCB has worked with Bitt for over two years to launch DCash to improve financial inclusion, competitiveness and resilience for residents of the Eastern Caribbean Monetary Union.”
Recall that many countries around the world are developing digital currencies. So, a prototype of the digital dollar may appear as early as this summer, and testing of the digital ruble is scheduled for 2022.
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