Caribbean Digital Currency Resumes Trading After 2-Month Outage
Caribbean Digital Currency Resumes Trading After 2-Month Outage
(Bloomberg) -- DCash -- the digital version of the Eastern Caribbean dollar used by eight island nations -- resumed functioning Wednesday after being down for almost two months.
The Eastern Caribbean Central Bank said in a statement the DCash platform was back online after crashing Jan. 14. The glitch was due to an expiring certificate on the version of the Hyperledger Fabric that hosted the DCash ledger, officials said.
The bank said it upgraded the platform and conducted “extensive testing and assurance exercises” before bringing the currency back online.
The ECCB made headlines a year ago when it became the first monetary union to create a central bank digital currency. Since then, DCash has been rolled out to every ECCB member but Anguilla.
While still in its pilot phase, adoption has been limited. Officials say more than 4,000 people have downloaded DCash wallets and more than 120 merchants are accepting the currency.
Even so, the the experiment is being closely watched, as dozens of nations are developing or piloting their own e-currencies.
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