March 7, 2019, | AtoZ Markets -In preparation for its pre-planned release of the blockchain-based central bank digital currency (CBDC), the Eastern Caribbean Central Bank (ECCB) is putting the final touches to carry out a legal tender trial on its crypto, before introducing it as a legal tender.
Supported by Pinaka Consulting, the deal that the ECCB signed with Barbados-based fintech firm Bitt last month came in pursuits to crown the pilot with success.
As per the Bitt’s statement, a crypto version of the Eastern Caribbean dollar (XCD) that is “securely minted and issued” is reportedly the base the CBDC pilot will stand on, and will be within the reach of financial institutions across the Eastern Caribbean Currency Union (ECCU).
The project helps in improving life standard
The governor of the ECCB, Timothy N. J. Antoine, emphasised that the pilot is not an “academic exercise.”, explaining: “Not only will the digital EC Dollar be the world’s first digital legal tender currency to be issued by a central bank on blockchain but this pilot is also a live CBDC deployment with a view to an eventual phased public rollout.”, describing the anticipated transformation as “game-changer for the way we do business,”
Bitt CEO Rawdon Adams commented that the project aims to “enhance economic growth and the quality of life of ordinary people.”
The stablecoin DXCD, which may come in 2010, is valid for financial transactions between consumers and merchants and peer-to-peer transactions, which includes sending money to friends or family within the ECCU.
The reports also say that the transfer of the crypto mentioned will be doable on mobile devices, like smartphones.
The pilot the ECCB is preparing to start comes as a provision of the bank’s strategic plan for 2017-2021, which focuses on reducing cash flow in the union by 50% in addition to more stability to the financial sector the bank looks for, along with increasing the development of the ECCU member countries.