ECCB trying out digital version of EC dollar

The Eastern Caribbean Central Bank (ECCB) is presently focused on carrying out a blockchain technology exercise geared towards testing the digital version of the EC dollar within financial companies on a regional scale including the Federation of St. Kitts and Nevis.

At an informational teleconference held on Friday 19th July at the bank’s headquarters in Bird Rock, media workers from around the region were engaged on the topic of the bank’s Digital Currency Pilot Project. 

The venture is currently in its fifth month of a development and exploration phase before moving on to the course of the next 18 months.

ECCB Governor Timothy Antoine talked about the project as part of the bank’s strategic planning as he pointed out that a lot of what is being done at the bank is about transformation.

The project will be mainly deployed in at least four pilot countries- Antigua and Barbuda, Grenada, St. Lucia and also St. Kitts and Nevis.

Kieran St. Omer Research Officer of the Strategic Planning and Projects Department notes that the digital dollars “It is not a crypto currency, it is not a private token that involves any mining. It’s a legal tender, a digital version of our EC dollar that we use every day so it’s just another form of our cash currency.”

SOURCE –The Labour Spokesman