ECCB Governor Distinguishes Virtual Money from Crypto Currency

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Timothy Antoine

Tuesday 12th March, 2019-Eastern Caribbean Central Bank Governor Timothy Antoine says there is a clear distinction between the soon to be released digital EC Dollar and crypto currencies.

Speaking to reporters from the bank’s headquarters in Basseterre today, Antoine said it was important for people to become knowledgeable about the virtual money and crypto currency.

The Eastern Caribbean Central Bank (ECCB) and the Barbados-based fintech company, Bitt Inc. (Bitt) have signed a contract to conduct a blockchain-issued Central Bank Digital Currency (CBDC) pilot within the Eastern Caribbean Currency Union (ECCU).

The ECCB CBDC pilot is the first of its kind and will involve a securely minted and issued digital version of the EC dollar (DXCD). The digital EC dollar will be distributed and used by Licensed Financial Institutions and Non-Bank Financial Institutions in the ECCU. The DXCD will be used for financial transactions between consumers and merchants, including peer-to-peer transactions, all using smart devices.

The ECCB is now poised to embark on the DXCD pilot from March 2019. The pilot will be executed in two phases: development and testing, for about twelve months, followed by roll out and implementation in pilot countries for about six months.