The Eastern Caribbean Central Bank (ECCB) launched its state-owned cryptocurrency DCash in the Commonwealth of Dominica and the British overseas territory of Montserrat.
ECCB, based in Saint Kitts and Nevis, launched its state-owned cryptocurrency in April this year. The country is part of a monetary union with seven other nations, but only four initially announced support for DCash.
Now residents of the Commonwealth of Dominica and the territory of Montserrat will be able to use digital currency to pay for goods and services, as well as exchange it using a special mobile application. Essentially, the digital currency DCash is a government stablecoin pegged to the Caribbean dollar.
As ECCB Governor Timothy NJ Antoine noted, traditional payment systems are too slow. At the same time, he said, the digital dollar of the monetary union should “work for everyone except criminals.”
“All these initiatives are aimed at accelerating economic growth, and, ultimately, at our socio-economic reforms. We must create conditions for the common prosperity of the people of our monetary union, ”Antoine emphasized.
In August, Jamaica, another state of the Caribbean, announced the testing of the state cryptocurrency.