Eastern Carribean Central Bank Launches First Union-Backed CBDC  | Bitcoinist.com


On Wednesday, the Eastern Carribean Central Bank (ECCB) officially launched DCash, its central bank digital currency (CBDC). DCash is a digital version of the Eastern Carribean dollar — which is the official currency for eight Carribean nations. The ECCB has partnered with fintech provider Bitt to oversee infrastructure and operation of the brand new digital currency. 

The ECCB’s move to digitize its financial infrastructure will offer a more efficient and securitized alternative to traditional payment systems. In a statement earlier last week, the central bank stated that it had “develop[ed] this digital version of the EC currency in an effort to increase financial inclusion, competitiveness and resilience for the people of the Eastern Carribean Currency Union.” 

How To Get Free Crypto  

The ECCB is the first currency union to launch a CBDC. A currency union is an agreement between multiple nations to maintain the same currency or to keep currency prices pegged at the same level. The Euro is one such example of this. While the Eastern Carribean Currency Union consists of eight sovereign states, DCash will only be available in four: Saint Lucia, St. Kitts and Nevis, Antigua and Barbuda, and Grenada. 

Potential Implications of a Central Bank Digital Currency? 

Major nations such as China and Japan have been experimenting with their own potential digital currencies, but have remained cautious. China has already run regional pilot programs, most notably distributing $1.5 million in Yuan to citizens for Chinese Lunar New Year. However, as global economies with some of the largest GDPs, it’s important for these countries to consider the potential implications of a digital currency. Recently, China proposed a set of global guidelines on CBDCs and raised concerns over how digital currencies may affect foreign exchange and trade. 

By next year, the Eastern Carribean Central Bank and Bitt will look to integrate DCash into the union’s financial ecosystem — starting with the first four pilot nations. 

Featured image from UnSplash

Go to Source
Author: San Lee

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.