The Eastern Caribbean Central Bank officially launched its digital currency — DCash — in Montserrat and Dominica on Tuesday. DCash is now available in seven countries, which form part of the East Caribbean economic bloc. The other countries that already have DCash are Antigua and Barbuda, Grenada, St Kitts and Nevis, St Lucia and St Vincent and the Grenadines.
The bank is the first monetary union in the world to use a government-backed digital currency or CBDC (central bank digital currency), thanks to adopting DCash in March.
DCash digital currency makes it easier to use than cash when natural disasters strike and improves financial inclusion in places where access to hard cash is difficult.
DCash is gaining popularity as it can be used with or without a bank account, and even make real-time mobile transactions without incurring any extra costs.
DCash is a digital version of the Eastern Caribbean dollar (a CBDC or a digital fiat), and can’t be compared to cryptocurrencies such as Bitcoin or Ethereum, which are valued for their independence and anonymity from monetary authorities.