The Eastern Caribbean Central Bank (ECCB) is completing the final testing and assurance exercises following the system upgrades and will make the DCash platform available for public use, next week.

The road to DCash has been a novel and rewarding journey though not without its challenges, the ECCB said in a release.

In January 2022, the DCash system experienced its first interruption since its launch in March 2021. As a result, the processing of new transactions on the DCash network was halted. This interruption was not caused by any external intervention. The security and integrity of all DCash data, applications and architecture, including all central bank, financial institutions, and merchant and wallet apps remain secure and intact, the ECCB has assured.

Following the interruption, the ECCB took the opportunity to undertake several upgrades to the DCash platform including enhancing the system’s certificate management processes – the initial cause of the interruption, and updating the version of Hyperledger Fabric, the foundation of the DCash platform. These upgrades have further strengthened the robust security mechanisms, which ultimately underpin the DCash technology, resulting in a more resilient product.

The process of introducing a digital sovereign currency was a major feat which saw the Eastern Caribbean Currency Union (ECCU) becoming the first currency union in the world to issue a digital currency. This is a learning experience for the ECCB and for the entire central bank digital currency (CDBC) community.

Despite the recent service disruption, the ECCB affirms its commitment to the financial inclusion agenda. It said the people of the ECCU remain at the centre of the DCash pilot. With humility, we continue to test and learn, an essential ingredient for innovation, as we press forward with the payments revolution for the people of our region.