May 29, 2024
DCash 2.0: ECCB Calls for Solutions in CBDC Vendor Inquiry
Latest Cryptocurrency News

ECCB Ventures into DCash 2.0: Seeks Vendor Input for CBDC Launch

The Eastern Caribbean Central Bank (ECCB) has initiated a vendor information request (RFVI) as part of its exploration into launching a retail central bank digital currency (CBDC) named DCash 2.0. The ECCB seeks insights from entities that have developed a retail CBDC solution or fundamental components that are ready for deployment.

The RFVI outlines various systems, such as wallet providers, core banking systems, identity managers, business intelligence, and offline payment providers, that could potentially integrate with the existing DCash system. Since 2021, the ECCB has been the issuer of DCash, one of the pioneering CBDC projects. Although referred to as a live CBDC on the CBDC Tracker website, both the RFVI and the DCash website describe it as a pilot. Notably, the RFVI mentions that the current DCash version already encompasses a retail component. However, it states that due to pilot constraints, the existing system was not interconnected with any other system, including RTGS and financial institution core banking systems.

Bitt, a software developer situated in Barbados, crafted the current iteration of DCash. Bitt also holds projects in Ukraine, Belize, and Nigeria. In February, the Central Bank of Nigeria revealed ongoing discussions with a new technology provider for its eNaira. DCash has encountered technical challenges previously. In November 2022, ECCB member state St. Kitts and Nevis contemplated adopting Bitcoin Cash as legal tender within its jurisdiction, although this initiative seems not to have materialized.

The ECCB, governing Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Christopher (St. Kitts), Nevis, Saint Lucia, and Saint Vincent and the Grenadines, has set a deadline of January 22, 2024, for RFVI responses. Vendors might receive invitations for participation in an RFP exercise, as outlined in the RFVI.

Image by freepik

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