What You Should Know


Frequently Asked Questions


About the Pilot Project

What is the ECCB Digital EC (DXCD) Pilot Project about?

The DXCD pilot will involve the secure minting of a digital version of the EC dollar (DXCD) as legal tender.  The ECCB is the monetary authority of the Eastern Caribbean Currency Union (ECCU) and will remain the sole authority to mint, issue and redeem DXCD.


Why is the ECCB launching the DXCD pilot?

The Eastern Caribbean Central Bank is launching this pilot to address the relative high cost of current payment instruments and banking services, their inadequacy to address the needs of various profile customers and the inefficient settling of cheque transactions which slows the pace of commerce.

The long-term objectives of the ECCB include enhancing opportunities for financial inclusion, growth, competitiveness, and resilience for the benefit of the citizens of the ECCU.


When and where will the DXCD pilot take place?

The Pilot Project will be executed in two phases over an 18-month period under the control and supervision of the ECCB as follows:

  • Development and testing commenced in mid-March 2019 and will be carried out over 12 months; and
  • Rollout and implementation in selected pilot countries via live deployment in a controlled environment for 6 months in Antigua and Barbuda, Grenada, Saint Lucia and St. Kitts and Nevis commencing mid-March 2020.


How will the DXCD pilot be governed and executed?

The ECCB will issue guidelines to pilot participants, which include consumers, merchants and financial institutions.  These guidelines will establish the objectives and terms and conditions to be observed during the pilot.  The pilot will be a controlled live environment where typical operations associated with the issuance, circulation and redemption of currency can occur.


Why should I participate in the pilot and use DXCD?

The pilot will allow you, as a DXCD user, to enjoy the following benefits:

  • Pay or transfer money without fees in real time;
  • Easy to use with simple interfaces and steps;
  • A secure and safe platform to facilitate your DXCD storage and transactions;
  • Ability to send money instantly to family/friends and businesses within the ECCU;
  • No bank account is required ;
  • No minimum spending amount, as is the case with card payment products;
  • No minimum balance is required to maintain your DXCD account;
  • Personal digital financial reports providing real time access to transaction records;
  • Privacy and confidentiality of all transaction information. 


How can I participate in the pilot as a user or merchant?

Interested persons can on-board to the DXCD pilot with participating financial institutions and the normal Know-Your-Customer (KYC) procedures and documentation requirements will apply.  The DXCD wallet applications will be available at no charge from online app stores for participants. 


How am I protected as a consumer during the pilot?

The ECCB will guarantee all funds on the DXCD network against losses due to infrastructure failure for the duration of the pilot test. Users should ensure that strong passwords are used as the ECCB cannot be held responsible for loss of DXCD due to the use of weak passwords.


What is the role of the financial institution in the pilot?

From the user’s perspective, the financial institution owns the customer relationship and handles all aspects of service fulfilment (including customer due diligence, on boarding, information dissemination) and service assurance (including tiered support) for the DXCD customers.


Will merchants continue to accept cash during the DXCD pilot?

Yes. The ECCB does not intend to eliminate cash. Merchants will continue to accept cash.


What will payment at a DXCD pilot merchant look like?

The process using one’s DXCD wallet to make payments or transfers will be simple.  After registration with a financial institution or approved service provider and acquisition of your DXCD by cashing in physical notes and coins for DXCD or converting funds from your bank account to DXCD, you will follow three simple steps:

Step one Using your smart device, scan the merchant’s QR code which will populate your DXCD wallet application with the merchant’s ID and the amount of the transaction or enter the merchant’s ID /recipient’s ID into the DXCD app and the transaction amount. 

Step two –Confirm or cancel the transaction upon receipt of a confirmation message, which would appear on your device, including all the transaction details.

Step three -  If you approve the transaction, assuming the transaction amount does not violate any governance rules and there is no network failure, you will receive a payment confirmation at which point the payment is considered to be settled.  The DXCD balance displayed in your DXCD wallet will decrease in accordance with the transaction amount and the merchant’s/ recipient’s balance will increase accordingly.


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About the DXCD

Is the DXCD a cryptocurrency?

The DXCD is NOT a cryptocurrency like Bitcoin and there is no DXCD mining. It is legal tender, issued by the ECCB, backed by the region’s foreign reserves with the same parity as its physical XCD equivalent, USD$1.00 : DXCD2.70.

DXCD Features

Will DXCD replace the EC dollar?

No. DXCD will not replace EC notes and coins. DXCD will operate alongside these and other payment platforms, thereby providing consumers with an expansion of payment options to meet diverse payment and transfer needs within the ECCU.


How will I learn to use DXCD?

Users will be exposed to DXCD sensitization and awareness campaigns including online demonstrations and training sessions, FAQs and brochures.   


How can I get the DXCD? Would I be able to convert DXCD to physical cash?

Yes, users can cash in EC notes and coins and cash out DXCD or the reverse at any participating financial institution or other approved service provider. 


How will DXCD as a currency and payment system be secured?

The DXCD transaction platform will be secure by design and have high standards for quality assurance. Hyperledger Fabric is being utilized to create a secure, enterprise-grade private permissioned distributed ledger (blockchain), modular and configurable architecture to facilitate DXCD transfer, payment processing and settlement. All applications will be subject to independent testing prior to live deployment. 


Will I pay transaction fees for using DXCD?

No, you will not be required to pay any transaction fees for using DXCD.


Will there be any transaction and holding limits?

Yes.  As a DXCD wallet holder, limits would be linked to your Know Your Customer (KYC) profile as well as Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT) Regulations.


Will interest be applied to DXCD holdings in my wallet?

No. Cash is a non-interest bearing asset and DXCD is just another form of cash.  As it is non-interest bearing, DXCD will not be a substitute for savings.   However, if you have cashed out more DXCD that what you need for your transactions you would be able to cash in your DXCD and credit the amount to your savings account held at your financial institution be it a bank, credit union or other licensed financial institution.


How can I get the DXCD? Would I be able to convert DXCD to physical cash?

Yes, users can cash in EC notes and coins and cash out DXCD or the reverse at any participating financial institution or other approved service provider. 


Will I need internet access to use DXCD?

Yes; your smart device will require Internet access to have full capabilities of your user wallet. The sender's DXCD application transmit all the relevant transaction details to the DXCD transactional network via the internet, to facilitate settlement.


Will I be able to process DXCD payments during prolonged electricity outages?

No DXCD payments would not be possible during prolonged electricity outages since this may affect Internet access and restrict communication to the transaction network. The processing of DXCD transactions requires an internet connection. EC notes and coins will remain an alternative and essential payment instrument in the ECCU economy and would address payment needs in these instances.


What are the software and hardware requirements for merchants and users to use DXCD?

Users will be able to download a free DXCD app (user wallet) from their smart device and complete transactions with merchants’ ‘point of sale’ app as well as trasnactions with users.


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