Coindesk Logo

East Caribbean Central Bank Conducts 'Milestone' Retail Digital Currency Transaction

East Caribbean Central Bank Conducts 'Milestone' Retail Digital Currency Transaction

East Caribbean Central Bank Conducts 'Milestone' Retail Digital Currency Transaction

The first transaction using "DCash" was conducted at a supermarket in Grenada on Feb. 12.

The first transaction using "DCash" was conducted at a supermarket in Grenada on Feb. 12.

The first transaction using "DCash" was conducted at a supermarket in Grenada on Feb. 12.

AccessTimeIconFeb 24, 2021, 3:11 PM
Updated Aug 19, 2021, 7:28 AM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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).

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.