Vincentians and other citizens in the Eastern Caribbean Currency Union ECCU, have been given an update on plans by the Eastern Caribbean Central Bank, the ECCB, to issue the World’s first Blockchain-based Digital Currency.

The ECCB has signed a contract with the Barbados-based Fintech Company Bitt Inc, to conduct a blockchain-issued Central Bank Digital Currency pilot within the ECCU.

Governor of the ECCB Timothy Antoine, provided details of the initiative, during a News Conference yesterday.

Addressing the regional media via video conference, Mr. Antoine explained how the system would work.

CEO of Bitt Inc, Rawdon Adams, said the move towards blockchain technology presents an ideal opportunity for the ECCB to address a number of challenges in the financial services sector.