The East Caribbean Central Bank (ECCB) has executed the first retail transaction for its "DCash" digital currency.
- The successful transaction using the central bank digital currency (CBDC) was conducted at a supermarket in Grenada on Feb. 12, technology partner Bitt announced.
- "This transaction is a major milestone in our mission to place DCash in the hands of the people of the Eastern Caribbean Currency Union. ... We are now on the cusp of the public launch of DCash," said Timothy Antoine, governor of the ECCB.
- The public launch will see the roll out of DCash in four of the eight members of the East Caribbean Currency Union (ECCU): Antigua and Barbuda, Grenada, Saint Kitts and Nevis and Saint Lucia.
- The central bank been developing the blockchain-based CBDC with Bitt, a Barbados-based fintech company, after a deal was struck in spring 2018.
- Work on the CBDC began in 2019, with the infrastructure built over the last year using Bitt's digital currency management system (DCMS).
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.