This article seeks to provide a cursory
historical overview evolution of money, in the Eastern
Caribbean Currency Union and the Eastern Caribbean
Central Bank’s rationale for its Digital Currency
(DXCD), Pilot Project.
The Eastern Caribbean Currency Union is a
common monetary and currency space shared by eight
members of a political and economic sub-regional
regional trade area of the English Speaking Caribbean
Members of the Organisation of the East Caribbean
States (OECS).. These are all former colonies of Great
Britain, who gained independence between 1974- 1983,
except Montserrat who is a dependency territory with
limited internal self-governance.
Since 1704, the region has been increasing its
integration into the global monetary value chain
through its political and economic association with
Great Britain In 1983, the heads of Governments of the
Organisation of Eastern Caribbean States, agreed to
form a central bank to provide inter alia a common pool
from which monetary policy guidelines, would emanate.
Among its many achievements is the development and
deployment of a common currency (Eastern Caribbean
Dollar - XCD).
Keywords : Eastern Caribbean Central Bank, Central Bank Digital Currency, Strategy, de-risking, Cryptocurrency, Block chain.