The digital version of the EC dollar – DCash – officially launched in Dominica

From left to right: Antonillia Doctrove, Minister Laville and Annette Severin-Lestrade

The Eastern Caribbean Central Bank (ECCB) has made ‘DCash’, the digital version of its Eastern Caribbean dollar, available for public use in two additional countries, Dominica and Montserrat.

The ECCB launched blockchain-based DCash which enables people to pay for goods and services, and send funds to other DCash users, using a smart device, in March, across four of its member countries. In doing so, it became the world’s first retail Central Bank Digital Currency (CBDC) within a currency union.

During the launching ceremony on December 7 2021, Governor of the ECCB, Timothy N.J. Antoine, highlighted the three policy goals of the DCash payment system: payments system efficiency, financial inclusion of the unbanked and underbanked populations, and increased resilience and competitiveness in the ECCU.

“It is faster than anything you will find on the market. It is cheaper than anything you will find on the market and is safer than anything you will find on the market but our motivation is not to make a profit. This investment by your central bank has been done in your name and for you and the benefits to be derived are for you, the people of our currency union,” Antoine declared.

Individuals and business owners who hold accounts with the National Bank of Dominica (NBD) are now able to sign up to use DCash through that financial institution.

According to Managing Director at NBD, Annette Severin-Lestrade, the digital transformation has become a business imperative across all industries, notwithstanding the financial services sector. She said the NBD was delighted to participate in “this groundbreaking” pilot project.

“Although financial service products like savings, loans payments remain the same, how banks manage the delivery and how our customers expect to receive them is rapidly changing,” she said. “The NBD aspires to be in the forefront of digital transformation in the financial services sector in Dominica, and the ECCU…We embrace this undertaking to provide a cheaper, more secure, accessible and efficient form of payment for both local and  cross border transactions.”

She said improving the customer experience, driving efficiency and increasing security are very high on the banks’ agenda and the DCash affords them the opportunities to impact in all three areas.

Severin-Lestrade pointed out that the Micro Small and Medium Enterprises (MSMEs) are among the sectors that will greatly benefit from this new digital solution, as they presently struggle with cash flow issues, and may not be able to afford the transaction fees that are associated with traditional payment products such as the card merchant point of sale service.

“DCash will provide the opportunity for these businesses to engage in e-commerce and position themselves to accelerate their growth. It is ideal for the MSMEs with small value transactions, so our local vendors or mom and pop shops, or drivers, hairdressers and barbers all will see the benefits of this new system,” the NBD managing director said.

She dubbed the initiative “timely,” pointing out that it is in keeping with the NBD’s long-term goal of reducing the use of physical cash in Dominica, as a way of bringing more efficiency and security to the payment system.

“The introduction and adoption of D cash provide a tremendous opportunity to further this objective as both the bank and the unbanked customer will be able to use this payment alternative,” Severin-Lestrade stated.

Individuals who do not hold accounts with the NDB, have the option of signing up with the Big Edge Financial Express.

Managing Director at Big Edge, Antonillia Doctrove, reported that at the company, their internal controls and processes have been verified and to date, they have already received a total of 28 applications.

To sign up, she said one must have a smart device, an email address and a government-issued ID. The potential customer will be asked a few basic questions for verification which will immediately be forwarded to a member of staff at the company who will validate the information provided.

“As long as we are satisfied, the applicant is afforded a value-based wallet with a monthly limit of EC $1,000 or $2,700 with a secondary ID,” Doctrove stated. “We believe it’s a win-win for our citizens, as this strategic initiative is aimed at ensuring a strong, diversified and resilient financial sector.”

Pinpointing the digital economy as one of several key building blocks for “Dynamic Dominica” Minister for Public Works and The Digital Economy Cassani Laville stated that the government views the acceptance of digital currency as a progressive move in the nation’s quest for modernization.

“Today, people are more inclined to misplace their wallets than to actually misplace their phones. That is clearly an indication of the dependence on digital devices, in our everyday transactions,” he said.

As payment systems continue to develop and expand, Laville pledged government’s assistance to force the use of online payment systems that safeguard consumers from online predators.

“In this regard, we are embarking on comprehensive cybersecurity programs to include policy legislation and regulation through a digital transformation project,” the minister stated. “Additionally, we will invest in the infrastructure and capacity to mitigate cyber threats to address cyber emergencies and restore information technology operations in the event of natural or manmade disruptions, as quickly as possible in the soonest time frame.”

A launch event for the initial DCash rollout featured an engaging island-to-island live demo of EC$1000 DCash transactions, to the Rotary Club of Montserrat and the President’s Charity Foundation in Dominica.

In March 2021, DCash was launched in four of the eight-member ECCU countries, namely Antigua and Barbuda, Grenada, St. Christopher (St. Kitts) and Nevis, and Saint Lucia, then in August, in St. Vincent and the Grenadines.  Following Tuesday’s launch, Anguilla will be last ECCU-member country where  where DCash will be launched.

The free DCash app is available on the Apple App Store and Google Play Store.

Copyright 2012 Dominica News Online, DURAVISION INC. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

Disclaimer: The comments posted do not necessarily reflect the views of DominicaNewsOnline.com and its parent company or any individual staff member. All comments are posted subject to approval by DominicaNewsOnline.com. We never censor based on political or ideological points of view, but we do try to maintain a sensible balance between free speech and responsible moderating.

We will delete comments that:

  • contain any material which violates or infringes the rights of any person, are defamatory or harassing or are purely ad hominem attacks
  • a reasonable person would consider abusive or profane
  • contain material which violates or encourages others to violate any applicable law
  • promote prejudice or prejudicial hatred of any kind
  • refer to people arrested or charged with a crime as though they had been found guilty
  • contain links to "chain letters", pornographic or obscene movies or graphic images
  • are off-topic and/or excessively long

See our full comment/user policy/agreement.

12 Comments

  1. DA can never be a real place
    December 11, 2021

    We in DA are bound to stay backwards.

    Like it or not, digital currency is the future, it’s going to happen with or without u.

    Remembered when the Bitcoin creators wanted to make DA the first nation to use crypto on a wider scale, I think Bitcoin was about US$300.00 at the time and they was going to send around 0.5-1 Bitcoin to each mobile phone in DA in other for us to spend.
    Bitcoin is now at $US50,000.
    We played politics with it as we always do.
    We didn’t have nothing to lose and didn’t give it a try.

  2. Natoshi Sakamoto
    December 10, 2021

    One of the least technologically advanced areas of the world with one of the lowest rates of computer literacy and technology adoption is the first the launch a CBDC. You really can’t make this up. More than likely we are gonna be used as guinea pigs so the bigger more developed countries can see if they can actualy pull it off.

    I’m willing to bet that some form of mandates or regulations are gonna be put in place to force this on people because otherwise very few will use it. Most of the people who would use a digital currency are probably already into crypto which is more secure than a centralized “blockchain” CBDC.

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 2
  3. Earl
    December 9, 2021

    Don’t be too hasty to be negative. This is a step into the future of currency. The system should be streamlined soon in my opinion.

    Hot debate. What do you think? Thumb up 2 Thumb down 11
  4. Loyal Customer
    December 9, 2021

    All very nice, but The NBD are still filling in savings book transactions by hand ! It would be nice if some in-branch services were updated.

    Well-loved. Like or Dislike: Thumb up 24 Thumb down 0
  5. Channel 1
    December 9, 2021

    Look beneath the smokescreen of its conveniences to see the danger lurking in digital finance systems if they are misused by the authorities.

    Here’s a scenario:

    In this current age, one can use their physical cash to purchase whatever they need without necessarily having to use the banking/financial system. (The Save-Your-Money-in-the-Mattress system)

    Now when society gradually switches over to digital cash, you will be forced to utilize the digital banking system to do transactions. Who runs the banks (central or otherwise)? :wink: :wink:

    Let’s say one day, the government/conglomerate/covert actors deem someone to be a ‘threat’ to society (whether real or manufactured eg for political reasons etc) or brands them a propagator of ‘hate’ speech etc & decides to lock them out of the Digital cash system. With the removal of physical cash from society, how will that someone function?

    With all these current developments, how can anyone still claim the Bible is false?

    Well-loved. Like or Dislike: Thumb up 16 Thumb down 0
    • Natoshi Sakamoto
      December 11, 2021

      This is why public DECENTRALIZED blockchains like Bitcoin and Ethereum are superior. They are not controlled by any single entity which means nobody will have the power to shut anybody out. The banks and governments are gonna do their best in the coming years to try to blur the lines between cyrptocurrency and Central Bank Digital Currencies to make people accept their version of it or reject it outright. They are not the same thing. Please do some research you might understand that

  6. Waiting For Airport
    December 9, 2021

    An extensive write up here, but for those of us familiar with the crypto space, we need some specifics.

    Is this listed on crypto exchanges such as coinbase, Binance, celsius etc? Will it be accesible on paypal?

    Big Edge Financial Express – this website is inactive???

  7. Toto
    December 9, 2021

    Sorry guys but I want to keep my account in real $$. This crypto currency stops our central bank from having to print money and instead make transactions that are not traceable like on the black net. I don’t trust it and don’t want it. Thank you.c

    Well-loved. Like or Dislike: Thumb up 15 Thumb down 1
    • Natoshi Sakamoto
      December 11, 2021

      This is NOT cryptocurrency. This is a central bank controlled digital currency that supposedly uses blockchain but it is not the same as Bitcoin or Ethereum or other cryptocurrency.

      It can still be printed out of thin air just like any other currency because it’s controlled by a single entity. In fact it is even easier now that they don’t have to use physical paper (printing doesn’t just mean physical printing, it means minting new units of the currency).

      Bitcoin on the other cannot be printed at will by any single entity.

      And yes it can be traced even more now since it is digital. Bitcoin and other cryptocurrencies are also traceable but that is because they are on an open and public blockchain that is transparent. This digital currency is completely controlled by the bank and you have no idea what they are doing with it.

      See this type of ignorance is exactly what I mean when I say we are technologically illiterate

  8. derp
    December 9, 2021

    How do you even send money to use the app, I mean I have an account there is no option to add your money to the app, making it useless. Don’t tell me I have to physically go to NBD or Big Edge to have them deposit money….

    • Toto
      December 10, 2021

      Hmm and how are big edge going to make their money out of this. They not known as a charitable institution are they. Do we have to pay them a commission on each transaction then? It’s all as clear as pea soup to me but maybe that is how they want it.

Post a Comment

Your email address will not be published. Required fields are marked *

:) :-D :wink: :( 8-O :lol: :-| :cry: 8) :-? :-P :-x :?: :oops: :twisted: :mrgreen: more »

 characters available