The Eastern Caribbean Central Bank (ECCB) will be launching their own legal tender cryptocurrency, which will utilize blockchain technology.
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“Not only will the digital dollar be the world’s first digital legal tender currency to be issued by a central bank on blockchain but this pilot is also a live CBDC deployment with a view to an eventual phased public rollout,” said Timothy N. J. Antoine, governor of the ECCB.
The new cryptocurrency will be distributed to financial institutions across the Eastern Caribbean Currency Union (ECCU).
The rollout of the CBDC is part of a larger strategic plan for the ECCB, which aims to reduce paper currency by 50 percent by 2021.
The ECCB hopes the CBDC cryptocurrency will also bring more stability to the region, boosting the economies of ECCU countries.
“It would be a game-changer for the way we do business,” Antoine added.
The blockchain pilot will be live within the month and educational initiatives are planned to help the public get started using cryptocurrency.