Today the Eastern Caribbean Central Bank (ECCB) announced that its central bank digital currency (CBDC) pilot has hit a technical issue causing an outage. The ECCB’s DCash project launched at the end of March 2021 and is one of the first large-scale CBDC pilots and the first multi-national one, given the ECCB spans eight Caribbean islands.
Users do not require a bank account to participate and they can make payments and transfers in real-time without fees.
The technical issues have meant the payment system is now offline to complete upgrades. Some transactions have failed, and the central bank says it will honor these when the system comes back online. It was keen to emphasize that digital currency balances held in wallets remain secure.
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