ECCB Monetary Council noted the update on the closure of the DCash Pilot Project and preparatory work towards procurement of a commercial-grade retail central bank digital currency solution (DCash 2.0).
The DCash Pilot Project closed, effective 12 January 2024. In the fourth quarter of 2024, a survey of a random sample of the ECCU public will be done to guide the way forward.
A website relaunch is also expected to take place in the fourth quarter of 2024.
Council also considered and approved the proposed structure of the Office of Financial Conduct and Inclusion (OFCI). The OFCI will be established as a department of the Eastern Caribbean Central Bank.
The new department will focus on four (4) work streams, namely: regulation and policy development; complaints handling and alternate dispute resolution; conducting off-site and on-site supervision; and financial literacy, to assist in developing and coordinating financial education and empowerment programmes across the ECCU.
Its target operational date is the fourth quarter of 2025 once the required legislation is passed by all ECCU Member Governments by September of that year.
