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ECCB to launch Dcash in SVG by month-end

ECCB to launch Dcash in SVG by month-end

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The Eastern Caribbean Central Bank (ECCB) has partnered with several banks, credit unions, and businesses to provide a new payment option for countries in the Eastern Caribbean Currency Union (ECCU).  

The initiative, called DCash, is a digital version of the EC dollar, and is set to be launched in St, Vincent and The Grenadines (SVG) by the end of June. 

A 12-month pilot was done and allowed the ECCB to assess the feasibility of a full commercial launch to all eight of its member countries. 

“Having recognized the critical task of rebuilding the economy of Saint Vincent and The Grenadines in the wake of the recent volcanic eruptions and the impact of the COVID-19 pandemic, the ECCB is moving expeaditiously to bring this safer, faster, and cheaper digital payment option to the citizens and residents,” a release said.  

“DCash  is securely minted and issued by the ECCB and is expected to contribute to rebuilding SVG, “one digital payment at a time.” 

The immediate objective of launching DCash is to allow for the exchange of DCash for physical cash via the DCash Merchant-Teller network. 

These authorized entities will facilitate DCash to physical cash exchanges, thereby allowing faster, safer and cheaper cross-border person-to-person remittances. 

Emphasis will also be placed on establishing the DCash merchant network with focus on getting essential service providers DCash-ready. In addition, other DCash users will be able to send funds directly to users in SVG. 

Using the DCash Wallet App, users can make in-person or remote transactions to and from other DCash Wallet holders or merchants. 

The DCash Merchant App allows businesses to manage consumer and business-to-business transactions, vendor payments, e-commerce, and internal cash or DCash management. 

DCash has been in public circulation in four of the eight ECCB member countries – Antigua and Barbuda, Grenada, Saint Christopher (St Kitts) and Nevis and Saint Lucia, since 31 March.