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.