ECCB launches a pilot digital version of the EC Dollar
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.