ECCB Seeks Vendor Information for the Launch of Retail Digital Currency DCash 2.0
Summary:
The Eastern Caribbean Central Bank (ECCB) is seeking vendor information for the prospective launch of DCash 2.0, its retail central bank digital currency. The bank is inviting submissions from entities that have developed ready-to-deploy retail CBDC solutions or core components of such a system. DCash, which was first issued by the ECCB in 2021, is one of the pioneering CBDC projects. However, despite prior technical issues, the digital currency initiative continues to move forward. The final date for response to the RFVI is January 22, 2024.
In line with the prospective launch of DCash 2.0, their retail central bank digital currency (CBDC), the Eastern Caribbean Central Bank (ECCB) has requested vendor information (RFVI). The bank is encouraging submissions from parties who have formulated a deployment-ready retail CBDC solution or core components of such a system. This includes wallet providers, core banking systems, identity managers, business intelligence, and offline payment providers, all of which could potentially integrate with the existing DCash system.
The ECCB has been responsible for the issuance of DCash, a pioneering CBDC project, since 2021. Although sites like CBDC Tracker refer to DCash as a live CBDC, both the RFVI and the DCash website prefer to label it as a "pilot." The current DCash version incorporates a retail component as mentioned in the RFVI. However, due to pilot limitations, no integration has been made with systems such as RTGS and financial institution's core banking systems. The groundwork for the present DCash version was laid by Bitt, a software developer based in Barbados. Bitt's portfolio of projects extends to Ukraine, Belize, and Nigeria, including the development of eNaira, for which the Central Bank of Nigeria is in discussions with a new technology provider.
Although DCash has encountered technical glitches previously, the digital currency remains an active venture. For instance, St. Kitts and Nevis, one of the ECCB member states, hinted in November 2022 about possibly making Bitcoin Cash a legal tender, however, no concrete steps have been taken in this direction till now. The ECCB serves as the monetary authority for various regions including Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Christopher (St. Kitts) and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. Responses to the RFVI are expected by Jan. 22, 2024, following which vendors might receive an invitation to participate in an RFP exercise, according to the RFVI.
Published At
12/27/2023 9:06:55 PM
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