Thursday, December 5, 2019

Saint Lucia Taking Part In Digital Currency Project

Saint Lucia is among countries participating in in the first phase of the digital currency pilot project of the Eastern Caribbean Central Bank (ECCB), regional reports say.

Antigua and Barbuda,Grenada and St. Kitts and Nevis are the other participants, it was reported.

According to Antigua Observer, ECCB Governor Timothy N.J. Antoine and representatives from the Financial Technologies (FinTech) working group gave an update on the pilot project.

The publication quoted the ECCB as saying that development of the digital currency will be in two phases lasting a total of 18 months.

The first phase will be the 12-month pilot project by volunteer banks in select countries and the second phase will be an additional testing and development stage.

“A transforming ECCU financial system necessitates a paradigm shift fostering increased use and reliance on financial technology to spur growth, competitiveness, financial inclusion, and resilience in protecting customer data,” the ECCB presentation was quoted as saying.

The DXCD will operate on the IBM Hyper Ledger Fabric which, according to the ECCB team and its website, “has become the de-facto standard for enterprise blockchain platforms, offering a unique approach to consensus that enables performance at scale while preserving privacy to deliver an interoperable network-of-networks,” Antigua Observer said.

The publication said that the ECCB team added although the hope will be to reduce, by 2025, the number of persons in the sub-region using physical cash by 50 percent and cheques by 80 percent, persons will still have the opportunity to use physical cash as one of the many options.

It was also stated that the digital currency, unlike debit and credit cards, will not carry a fee for the consumer, it reported.

In February 2019, the ECCB signed an agreement with Bitt Inc. to be a partner in the digital EC dollar (DXCD), outlined as a project in the ECCB’s strategic plan 2017-2021.

10 COMMENTS

  1. Awesome initiative. The ECCB will be the first Central Bank to use a digital currency which is facilitated by the Blockchain. Definitely pioneers in the world.

    • “The DXCD will operate on the IBM Hyper Ledger Fabric which, according to the ECCB team and its website, “has become the de-facto standard for enterprise blockchain platforms, offering a unique approach to consensus that enables performance at scale while preserving privacy to deliver an interoperable network-of-networks,” Antigua Observer said.”

      Don’t let this fool you, it’s not decentralized thats why they say it doesn’t have any scaling issues. This is not the same blockchain as bitcoin

    • They won’t be the first central banks tonuse a digital currency. It has been in use by a few in testing since 2014/15. I should know! See BoE.

      Also all those who can should by coins such as Bitcoin, BSV, BNB, ETC, ETH l, ZEL, CMM and KMD.

      The cheapest option being CMM and ZEL followed by KMD.

      Get the Zelcore wallet

      Enjoy and thank me now!

  2. It’s hilarious how wannabe St. Lucian intellectuals swallow these modern sacraments honouring Mammon. Heed these words from Marley’s “Redemption Song”:
    “Emancipate yourself from mental slavery. None but ourselves can free our minds.”

    • @Nudge…maybe I misunderstood you therefore elucidate me. However, in the mean time, here is a little food for thought. What is hilarious about ‘wannabe St Lucian intellectuals’ wanting to better themselves, move forward in progress, making tomorrow better than yesterday? And who or what is Mammon? Have you seen him/her? Does he/she come to you in dreams of sweet revelations? You allude to St Lucians freeing themselves from mental slavery but aren’t you yourself exhibiting the very same mental incapacitation you accuse others of? I am tempted to hazard a guess that you are not part of the system. By that I mean presumably you don’t have a job, don’t handle money, don’t buy clothes, shoes, food, travel etc etc etc….. nothing what-so-ever…but we both know my guess would be wrong. Well, I am sorry, sad and delighted with rubbing hands to say, you are just as much a part of ‘Honouring Mammon’ as every single ‘wannabe St Lucian intellectual.’ What is worse than mental slavery? SELF INCARCERATION.

  3. @C-WIZ…thanks for the response. Your every word confirmed the idiom that “…there are none so blind as those who will not see.”

  4. They won’t be the first central banks tonuse a digital currency. It has been in use by a few in testing since 2014/15. I should know! See BoE.

    Also all those who can should by coins such as Bitcoin, BSV, BNB, ETC, ETH l, ZEL, CMM and KMD.

    The cheapest option being CMM and ZEL followed by KMD.

    Get the Commercium wallet.

    Enjoy and thank me now!

Comments are closed.

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