DCash, the digital version of the EC dollar, is set to go live in Saint Vincent and the Grenadines by the end of this month. DCash is securely minted and issued by the Eastern Caribbean Central Bank (ECCB).
According to the ECCB, the immediate objective of launching DCash in Saint Vincent and the Grenadines is to allow for the exchange of DCash for physical cash via the DCash Merchant-Teller network. These authorised entities will facilitate DCash to physical cash exchanges, thereby allowing faster, safer and cheaper cross-border person-to-person remittances.
The ECCB says that Emphasis will also be placed on establishing the DCash merchant network with focus on getting essential service providers DCash-ready. In addition, other DCash users will be able to send funds directly to users in SVG.
The ECCB says that it has recognized the critical task of rebuilding the economy of Saint Vincent and the Grenadines in the wake of the recent volcanic eruptions and the impact of the COVID-19 pandemic, which is why it is moving expeditiously to bring this safer, faster, and cheaper digital payment option to the citizens and residents of SVG.
