NCB is preparing to issue out their CDBC wallet in November. This will help push the country’s digital currency initiative. September will be the testing period to see how well it performs in a contained and measurable environment.
During this period, they will rigorously test the application within the bank and among a discrete group of account holders. Coming October, they will start to test larger groups of account holders.
In an email response by Marion Carter who is the manager for brand and crisis communication, he stated that “CBDC users will be able to transfer the digital tender to other users on the NCB platform, cash in and cash out their digital funds for physical currency. In addition to anticipating the benefits of greater financial inclusion and safe, efficient digital payments for customers, NCB looks forward to future partnerships with other local financial institutions to allow interbank transfers and more,”.
The country is set to roll out its digital currency in September. Already major banks are taking this initiative seriously. This seems like a good move for the island given the changes happening around us in financial technology.
We are now the third country to issue out its own digital currency within the Caribbean. The others are Sand Dollar by the Bahamas and DCash by the Eastern Central Caribbean Bank.
