The Eastern Caribbean Central Bank (ECCB) expanded its central bank digital currency (CBDC), DCash, to two more nations of the Commonwealth: Dominica and Montserrat, making it seven out of the eight-member union which are now listed as participants.

The Eastern Caribbean dollar (EC$) is used by the members of the Organisation of Eastern Caribbean States (OECS), and a central bank’s pilot project rolled out the DCash as a digital version of the currency. It can be sent and received through a free app for users based in any eastern Caribbean country that has launched the CBDC. During the pilot period, the transactions are processed with no transfer fees.

Enthusiasts have claimed that CBDCs like The Bahama’s sand dollar and the ECCB’s DCash could offer a viable solution by making money more accessible as soon as users can enter the platforms during periods of crisis, thus delivering financial help packages faster.

As noted at www.newsbtc.com, “The DCash project became the first currency union to use a CBDC and aims to reduce 50 per cent of the use of physical cash by 2025. The ongoing 12-month pilot started in March of 2021.