Two more countries in the East Caribbean region have started using digital currency (CBDC)

Briefly:

  • Central Bank of the East Caribbean the association announced the expansion of the digital currency system
  • Dominica and Montserrat Territory
  • Members of the Monetary Union are free to transact with the digital East Caribbean dollar

Citizens of Dominica and British Overseas Territory Montserrat can use digital currency. Governor Timothy N.J. Antoine, head of the Central Bank of the Organization of Eastern Caribbean States (OECS), spoke about the innovation.

According to him, traditional payment systems are outdated. The East Caribbean dollar, the digital currency of the region’s central bank, in turn, will speed up financial transactions and make them more accessible.

“All these measures are aimed at accelerating economic growth. The promotion of our program of socio-economic transformations will make it possible to achieve prosperity for the people of the Monetary Union, ”stressed the head of the regulator.

After the December innovation, the digital currency of the Central Bank OECS is available on the territory of eight state entities.

In addition to Dominica and Montserrat, you can also pay in digital East Caribbean dollars in: Antigua and Barbuda, Grenada, Saint Christopher and Nevis, Saint Lucia, Saint Vincent and the Grenadines.

Digital currency was launched by the OECS Central Bank in March this year in partnership with DCash. The system is exclusive to this region. Each user of the platform has his own wallet in the form of a mobile application.

The pilot project of the system was tested in 2019 year. In addition to the OECS, Nigeria and the Bahamas have digital currencies. At least 22 the jurisdiction is testing this mechanism, about – investigate.

Earlier we talked about the fact that the Central Bank of Tanzania plans to issue its own digital currency according to the system used in Nigeria.

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