19 March 2020, Basseterre, Saint Christopher (St Kitts) and Nevis - The Eastern Caribbean Central Bank (ECCB) invites members of the public to participate in an online survey about the Digital EC Cash Pilot Project. The survey aims to further investigate consumer preferences for financial services and identify the key communication points to shape the messages around the Pilot Project. The marketing firm for the Pilot Project, WEUSTHEM, will conduct the survey on behalf of the ECCB.
To take the survey, visit weusthem.com/eccb. The questions are simple and most only require that respondents select options that reflect their situation and or perspective.
The ECCB commits to using the information shared to make decisions that will benefit the public as the Bank moves forward with The Digital EC Cash Pilot Project.
The Digital EC Cash Pilot Project will be conducted in four ECCU pilot countries (Antigua and Barbuda; Grenada, St. Kitts and Nevis and Saint Lucia) and is scheduled for six months (June – December 2020).
About the ECCB Digital EC Cash (DXCD) Pilot Project:
The DXCD, which will circulate via digital wallets on smart devices, is designed as a secure, faster, cost effective and more accessible payment instrument within the Eastern Caribbean Currency Union. It will serve as an alternative payment instrument to physical notes and coins, cheques, debit cards and wire transfers within the ECCB jurisdiction. There will be no cost to the end user for transacting in or transferring DXCD.
The DXCD will have a 1:1 equivalence with physical EC cash and the same parity to the US$ - DXCD $2.7 = USD$1.0. The ECCB will be the only authority able to issue the DXCD, as is the case with the physical EC cash.
The Digital EC Cash (DXCD) Pilot Project is a component of the Strategic Priorities of the ECCU Payment System Modernization Initiative. The objective is to provide a secure, affordable and accessible payment and settlement instrument to promote economic development, support financial stability and help expand financial inclusion in the ECCU.