ECCB Seeks Vendors for DCash 2.0 Retail CBDC Expansion

They are interested in solutions or components ready for deployment, connecting with existing systems like wallet providers and offline payment services.

ECCB Seeks Vendors for DCash 2.0 Retail CBDC Expansion
ECCB Seeks Vendors for DCash 2.0 Retail CBDC Expansion

In the course of its discovery process for the launch of a retail central bank digital currency (CBDC) that it is referring to as DCash 2.0, the Eastern Caribbean Central Bank (ECCB) has issued a request for vendor information (RFVI).

The ECCB is searching for “input from parties that have developed a retail CBDC solution or core components of such a solution that are deployment-ready.” [citation needed] Wallet providers, core banking systems, identity managers, business intelligence, and offline payment providers are among the systems that can be connected with the existing DCash system.

Since 2021, the ECCB has issued DCash, making it one of the first CBDC programs introduced. On the website CBDC Tracker, DCash is occasionally referred to as a live CBDC; however, both the RFVI and the DCash website classify the CBDC as a “pilot.”

“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 RFVI’s provided text mentions that the present version of DCash already incorporates a retail component. On the other hand, Bitt, a software developer based in Barbados, is responsible for the development of the most recent generation of DCash.

Bitt’s website states that the company has projects in Nigeria, Belize, and Ukraine. The Central Bank of Nigeria announced in February that it was in discussions with a new technology provider for its electronic currency, the eNaira. Several technological issues have plagued DCash in the past.

St. Kitts and Nevis, a member state of the ECCB, announced in November 2022 that it was contemplating the possibility of making Bitcoin Cash a legal tender in its jurisdiction.

However, it looks like the concept did not turn out to be successful. Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Christopher (St. Kitts), Nevis, Saint Lucia, and Saint Vincent and the Grenadines are all served by the Eastern Caribbean Central Bank (ECCB), which is the monetary authority for these countries.

On January 22, 2024, the deadline for answers to the RFVI will have passed. The RFVI may ask vendors to participate in a request for proposals (RFP) exercise.