The Eastern Caribbean Central Bank (ECCB) has announced plans to go live with its Digital Eastern Caribbean Currency (DXCD) pilot in the second quarter of 2020.
The ECCB originally launched the DXCD pilot in March 2019, involving a securely minted and issued digital version of the EC dollar, with the aim of assessing potential efficiency and benefits such as deeper financial inclusion, economic growth, and resilience and competitiveness from in the Eastern Caribbean Currency Union (ECCU).
In the December issue of their newsletter, the organization assured that the programme will offer users’ “safety, security, privacy, convenience and financial empowerment,” to be accessed via mobile smart devices.
“Your new digital EC currency (DXCD) will provide you with many benefits. These include: new channels of engagement, private secure access to your financial information in a simple to use DXCD app, and greater access to financial services for everyone in the region,” the ECCB predicted.
The app user interfaces are to be simple without compromising security. Users will be required to scan and confirm payment, and will then receive an automatic update of their DXCD balance.
Both online and physical customer support will be available to customers.
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Sorry but I do not trust this. Since our EC dollar has a fixed exchange rate with the US $ can I keep my money at the local bank in a US dollar account instead? That would give more peace of mind. Why the bank want to introducé this new digital currency anyway if not to hide things? We should be as transparent as possible to avoid money laundering for example.
omg you have a choice, you don’t have to use it if you don’t want to, and if you didn’t know most of the money in the world is in digital form only a very small percentage is actually cash, furthermore cash is the hardest to trace and one of the primary forms of money laundering it’s much easier to trace digital forms of money as there is always, almost a trail
Derp, I dont agree with you, simple as that. And dont tell me I dont have to buy it if I dont want to. Suppose you are a civil servant, a teacher or a policeman and the govt. decides to pay you in this new money. What then. Can you change it freely at the bank for U.S.$? Euro’s ? And if you can what is the point of it in the first place?
This argument is so asinine. The DXCD is equivalent to the XCD (EC Dollar). $1 DXCD = EC$1. So if anyone (government or private sector) pays you DXCD$1000 you can literally walk into any EC Bank and change it to EC$1000.
And what’s with your obsession with US Dollars? NO EC Bank keeps your money is US Currency. All Banks in the Eastern Caribbean use EC Dollars, of which the DXCD is merely a digital representation of those same EC Dollars.
facts ..
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