By Demion McTair. Updated 4:30 p.m., Friday, June 4, 2021, Atlantic Standard Time (GMT-4).

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The digital currency of the Eastern Caribbean Central Bank – DCash is scheduled to be launched in Saint Vincent and the Grenadines soon.

According to the official DCash Facebook page, which is a subpage of the Eastern Central Bank (ECCB), preparations are being made to launch the initiative here.

One News St. Vincent contacted officials at the bank today (June 4), and they confirmed the development.

They said the initiative is being rolled out in St. Vincent and the Grenadines “sooner than planned as a response to the disaster,” referring to the volcanic eruptions.

DCash is the official digital version of the Eastern Caribbean Dollar.

The bank says that DCash is the “safer, faster and cheaper way to send and receive payments within the Eastern Caribbean Currency Union (ECCU), all using your smart device”.

DCash was rolled out in Antigua and Barbuda, Grenada, St. Kitts and Nevis and St. Lucia.

The Eastern Caribbean Currency is used by eight countries in the Eastern Caribbean.

It is pegged at $2.70 to the US Dollar, meaning that 1 USD equals 2.70 Eastern Caribbean Dollars (XCD).

ABOUT THE ECCB

The Eastern Caribbean Central Bank (ECCB) was established in October 1983. It is the Monetary Authority for a group of eight island economies namely – Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia, and St Vincent and the Grenadines, according to the bank’s website.

The Agreement establishing the ECCB as the monetary authority for the eight ECCB participating governments, was signed on 5 July 1983 in Trinidad and Tobago. The ECCB was officially commissioned on 1 October 1983, replacing the Eastern Caribbean Currency Authority (ECCA) which was established in March 1965.

The primary objective of the ECCB is to maintain the stability of the Eastern Caribbean Currency and the integrity of the banking system, the bank’s website states.