The Eastern Caribbean Central Bank (ECCB) launched its historic DXCDCaribe pilot, on 12 March 2019. ‘D’, representing digital, is prefixed to ‘XCD’ - the international currency code for the EC dollar.
The pilot involves a securely minted and issued digital version of the EC dollar - DCash. The objective of this pilot is to assess the potential efficiency and welfare gains that could be achieved: deeper financial inclusion, economic growth, resilience and competitiveness in the ECCU - from the introduction of a digital sovereign currency.
DCash will be issued by the ECCB, and distributed by licensed bank and non-bank financial institutions in the Eastern Caribbean Currency Union (ECCU). It will be used for financial transactions between consumers and merchants, people-to-people (P2P) transactions, all using smart devices.