HomeLatest UpdatesEastern Caribbean central bank put out tender for central bank digital currency

Eastern Caribbean central bank put out tender for central bank digital currency

Date: 27 December, 2023

 

Key Points:

  • The Eastern Caribbean Central Bank (ECCB) is exploring the development of an advanced version of its digital currency, DCash 2.0.
  • The ECCB has initiated a Request for Vendor Information (RFVI) to gather insights from entities with experience in creating retail central bank digital currency (CBDC) solutions or essential components ready for deployment.
  • DCash, launched by the ECCB in 2021, is considered a pilot project despite being operational, and the ECCB aims to enhance it with DCash 2.0.
  • The ECCB is interested in incorporating various systems into the existing DCash infrastructure, including wallet providers, core banking systems, identity managers, business intelligence, and offline payment solution providers.

Process at Eastern Caribbean central bank?

The Eastern Caribbean Central Bank (ECCB) is in the process of exploring the development of an advanced iteration of its digital currency, referred to as DCash 2.0. In this pursuit, the ECCB has initiated a Request for Vendor Information (RFVI) to seek insights from entities that have experience in creating retail central bank digital currency (CBDC) solutions or essential deployment-ready components. The ECCB aims to integrate various systems into the existing DCash infrastructure, including wallet providers, core banking systems, identity managers, business intelligence, and offline payment solution providers.

Caribbean central bank
Caribbean central bank

Since 2021, the ECCB has been responsible for issuing DCash, recognized as one of the pioneering CBDC projects. Despite being occasionally labeled as a fully operational CBDC on platforms like the CBDC Tracker, both the RFVI and the official DCash website classify it as a pilot project. The current version of DCash, which already includes a retail component, was developed by Bitt, a Barbados-based software company involved in projects in Ukraine, Belize, and Nigeria. Notably, the Central Bank of Nigeria has been exploring new technology providers for its eNaira since February.

Despite its successes, DCash has faced technical challenges. In November 2022, St. Kitts and Nevis, an ECCB member state, considered adopting Bitcoin Cash as legal tender, although this initiative did not materialize.

Serving as the monetary authority for several territories, including Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Christopher (St. Kitts) and Nevis, Saint Lucia, and Saint Vincent and the Grenadines, the ECCB has set a deadline of January 22, 2024, for vendors to respond to the RFVI. Following this, selected vendors may be invited to participate in a subsequent Request for Proposal (RFP) exercise.

References:

https://cointelegraph.com/news/eastern-caribbean-central-bank-looking-retail-d-cash-2-0-vendors

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