What were the main digital policy regional updates in the Caribbean? This space brings you the main updates month by month, summarised by the observatory's curators.
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October 2019
Curated by Andre Edwards
ECCB launches a pilot digital version of the EC Dollar
14 Oct 2019 | E-Money and virtual currencies, Blockchain
The Eastern Caribbean Central Bank (ECCB) has used its mobile app DXCDCaribe to launch a pilot digital version of the Eastern Caribbean dollar. The ECCB’s governor indicated that the app is rooted in the bank’s commitment and focus on innovation and digital transformation. The governor expects this digital form of the currency to reduce paper payment transactions regionally and drive the cost per transaction down. The app allows for payments to be processed and funds to be deducted from a digital wallet balance and credited to a merchant’s wallet in real time. To address security and data integrity concerns, the ECCB will be leveraging a private blockchain commission to maintain confidentiality and credentials will be required for accessing the network.
Bermuda starts accepting stablecoin ‘USDC’ for tax payments
16 Oct 2019 | E-Money and virtual currencies
Bermuda’s government has begun accepting USD Coin (USDC) – a USD-backed stablecoin from Coinbase and Circle for the payment of taxes, fees, and government services. This makes Bermuda one of the first countries to accept stablecoin for taxes and government services from its 60 000 residents. This decision comes following Ohio’s recent suspension of its online portal where businesses paid taxes using digital currency. This development is part of the government’s wider initiative of supporting $US- backed stablecoins and decentralisation of finance protocols and services.
