The Eastern Caribbean Bank has a plan to launch a blockchain-based digital version of the local dollar by 2020.

This will become the first time a central bank will issue a digital legal tender that will be distributed and used by licensed banks and non-banks in the Eastern Caribbean Currency Union (ECCU).

According to the FinTech Working Group, the ECCB has always had bold initiatives. Their objective is to explore the suitability of a digital Eastern Caribbean currency to help advance economic growth and competitiveness in the region.

Once the system is implemented, it will include free services and payments will be completed through a mobile wallet app.

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