The Eastern Caribbean Central Bank (ECCB) says it is putting the power in the hands of regional consumers with the Pilot program for its Digital EC Currency (DXCD) Project.
This statement was made by Governor of the ECCB, Timothy Antoine during a recent press briefing which was hosted to update the region on work being done to develop its Digital Currency.
The Pilot project which commenced in March of this year is running for 12 months in four countries.
Mr. Antoine said customers often complain about bank charges when conducting business and the digital currency is one of the ways in which consumers can eliminate these fees.
He said this forms part of the ECCB’s Strategic thrust to transform and modernize economies within the region.
Mr. Antoine said by 2025 they are hoping to see a major reduction in the use of physical cash.
The ECCB Central Bank Digital Currency Pilot is the first of its kind and could be the world’s largest first legal tender Digital Currency to be issued by a Central Bank on Blockchain.
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