By NAN Staff Writer
News Americas, NEW YORK, NY, Weds. Dec. 8, 2021: Two more Caribbean countries began using the digital currency DCash Tuesday.
The Eastern Caribbean Central Bank on Tuesday rolled out its DCash digital currency to Dominica and Montserrat – making the e-money available in the seven nations that are part of the economic bloc.
The bank launched DCash – an electronic version of the Eastern Caribbean dollar – in March, making it the first monetary union in the world to use a central bank digital currency, or CBDC.
DCash, which can be used with or without a bank account, gives users the ability to make mobile, real-time transactions without any fees. It’s aimed at improving financial inclusion and increasing resilience, particularly in the wake of natural disasters, when getting physical cash to isolated populations can be challenging.
DCash’s ultimate goal is “boosting economic growth,” bank Governor Timothy Antoine said in a statement. “DCash is an important instrument in what is really the bigger conversation about the build-out of a digital economy.”