The Eastern Caribbean Central Bank (ECCB) has issued a request for vendor information (RFVI) in its discovery process for the launch of a retail central bank digital currency (CBDC) that it is calling DCash 2.0.
The ECCB is looking for “input from parties which have developed a retail CBDC solution or core components of such a solution which is deployment-ready.” It listed wallet providers, core banking systems, identity managers, business intelligence and offline payment providers among the systems that may be integrated with the current DCash system.
#Grenada Our pop-up event at Creative House was a tremendous success! A heartfelt thank you to everyone who visited the DCash booth, signed up, and contributed to making it such a great experience pic.twitter.com/VYNbbXytEE
— DCash EC (@DCash_EC) December 21, 2023
The ECCB has been the issuer of DCash, one of the first CBDC projects to be launched, since 2021. DCash is sometimes referred to as a live CBDC — on the website CBDC Tracker — but the RFVI and the DCash website call the CBDC a “pilot.” The RFVI states in the body of the text that the current version of DCash already includes a retail component. However:
“As part of the pilot constraints the current system was not integrated with any other system including RTGS and financial institution’s core banking systems.”
The current version of DCash was developed by Bitt, a software developer located in Barbados. According to its website, Bitt also has projects in Ukraine, Belize and Nigeria. In February, the Central Bank of Nigeria announced it was in talks with a new technology provider for its eNaira.
Related: From eNaira to eHryvnia, a Caribbean fintech develops CBDCs around the world
DCash has faced technical problems in the past. ECCB member state St. Kitts and Nevis announced in November 2022 that it was considering making Bitcoin Cash (BCH) legal tender in its territory, but it appears that the idea did not come to fruition.
The ECCB is the monetary authority of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Christopher (St. Kitts) and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. The deadline for responses to the RFVI is Jan. 22, 2024. Vendors may be invited to participate in an RFP exercise, the RFVI said.
Magazine: Are CBDCs kryptonite for crypto?
