Caribbean CBDC Functional Again After Two-Month Outage
A digital version of the Eastern Caribbean dollar (XCD) known as DCash is working again as of Wednesday, after being down for almost two months due to a technical glitch.
The central bank digital currency (CBDC), issued by the Eastern Caribbean Central Bank (ECCB), has been offline since January 14 when a certificate on the version of the Hyperledger Fabric that hosted the DCash ledger expired, the ECCB previously said.
The CBDC’s operator wrote in a Facebook post on Wednesday that,
“Effective today, 9 March, full functionality of the DCash Platform has been restored. If you are already a DCash user, you can start sending funds and making payments again using your app.”
The ECCB added on its website that the platform has now been upgraded, and said “extensive testing and assurance exercises” were conducted before the currency was made operational again.
The central bank’s website further said that,
“Once DCash users load their digital wallets, payments and money transfers to friends, family and merchants in the DCash network can be made faster, safer and cheaper. DCash is sent and received within mere seconds, from the convenience of anywhere and with no transaction fees.”
Last month, Karina A. Johnson, Project Manager for the DCash project at the ECCB, told Cryptonews.com that they had made “significant progress” on the work to restore the DCash platform, including “closed testing of our system’s upgrade and Hyperledger Fabric upgrade.”
“The testing phase will end soon, after which service will resume,” she added at the time.
The Eastern Caribbean dollar is the fiat currency used by eight countries in the Caribbean, and is pegged to the US dollar (USD) at a rate of XCD 2.70 per 1 USD.
– Caribbean CBDC Stays Down for More Than a Month as Technical Woes Continue
– CBDCs in 2022: New Trials and Competition with Crypto
– Joe Biden’s Executive Order on Crypto Calls for Consumer Protection, CBDC Consideration, Tech Innovation Support
– China’s Digital Yuan Set for Local Adoption, Airport, Banking Drives
– BIS Claims a CBDC Interoperability Victory – While US Congressman Bids to Block Digital USD
– Check Out FSB’s Roadmaps for Stablecoins and CBDCs