Bitt to deploy its full Digital Currency Management System
Bitt will deploy its full digital currency management system (DCMS) within one of the world’s oldest formal currency unions on March 31st. This was made clear when Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, announced that DCash, the central bank’s official digital currency, will be launched to the citizens and residents of four of the eight member countries within the Eastern Caribbean Currency Union (ECCU).
The international fintech company’s DCMS has provided the ECCB with software to manage the digital currency from the central bank’s minting and issuance, through to financial institution disbursement to merchants and consumers to facilitate all their relevant day-to-day transactions.
Since early February 2021, the ECCB along with early adopter financial institutions, merchants, and agents have been in an exclusive dress rehearsal of the full DCash operations. During this period, the ECCB reviewed and assessed the operational readiness of the various stakeholders.
Now, the ECCB’s Governor is pleased to launch Bitt’s intuitive software design and development of the DCash app to the four pilot countries, saying, “The future of the EC Dollar is digital. Let’s make history together“.
Following the ECCB’s announcement, CEO of Bitt, Brian Popelka, commented, “Bitt is very proud to provide the ECCB with our full stack of digital currency management systems to enhance the financial services within their member countries. The past two years of this partnership has developed from intense consultations between the Bitt team and the ECCB to our team supporting the ECCB”.
The ECCB will roll out DCash initially in Antigua and Barbuda, Grenada, Saint Christopher (St Kitts) and Nevis and Saint Lucia as part of the ECCB’s Digital Currency Pilot. The DCash pilot aims to create greater financial inclusion in the ECCU, as well as increase economic growth and business opportunities.
Bitt will continue to support the ECCB as registered financial institutions, merchants and agents prepare for the public roll out in the coming weeks.