The Eastern Caribbean Central Bank has launched its offering to the digital transaction market with a digital form of its notes and coin, Eastern Caribbean Currency, called d- cash.
The digital currency which is currently available in Antigua and Barbuda, St.Kitts and Nevis, Grenada and St. Lucia with 2,100 registered users, has faced some challenges due to the Covid-19 pandemic, which has affected its uptake as lockdowns have hampered marketing efforts.
Chairperson of the ECCB’s fin-tech working group and Chief Risk Officer Sharmyn Powell in an interview detailed what “d cash” is all about, and the issues the ECCB hopes to tackle with the introduction of their digital currency.
According to Powell d- cash can be accessed through a digital wallet available on the google play store and the apple store.
There are two types of wallets users can choose from: a registered based wallet for persons with existing bank or credit union accounts or a value based wallets for persons who are not registered with a financial institution.
Powell detailed how persons can obtain a registered wallet.
The ECCB’s Chief Risk Officer also outlined how value based wallets will be accessed.
Powell said persons within the Eastern Caribbean stand to benefit from the use of “d cash” for a number of reasons including the lack of fees for transfers and the reduction in the likelihood of monies being lost or stolen.
