The Eastern Caribbean Central Bank (ECCB) has launched a digital currency, known as DCash. This has been implemented by St Kitts and Nevis in its drive to deliver a digital transformation.
St Kitts and Nevis is one of the first Eastern Caribbean nations to embed the pilot currency which is considered legal tender and offers a safer, faster and cheaper method for making payments.
According to the Governor of the ECCB, Timothy Antoine, the initiative's goal is to increase opportunities for inclusion, create growth and business opportunities.
Currently, the Eastern Caribbean dollar is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States (OECS). It has been pegged to the United States dollar since 1976.
The ECCB partnered with Bitt Inc to develop the digital version of the EC dollar.
Bitt delivers digital currency
“Bitt is very proud to provide the ECCB with our full stack of digital currency management systems to enhance the financial services within their member countries,” said Bitt CEO Brian Popelka.
Akilah Byron-Nisbett, the Minister of St Kitts and Nevis' Information and Communication Technology, said digital transformation would boost the economy and make the country a world leader in digital delivery. To reflect that commitment to digital, Prime Minister Dr Hon. Timothy Harris announced the implementation of an online process to submit applications to its Citizenship by Investment Unit.
Established in 1984, the St Kitts and Nevis CBI Programme has undergone significant transformations in recent years – including updated due diligence checks. The government is also aiming to attract more families.