The Eastern Caribbean Central Bank (ECCB) is all set for a pilot experiment on blockchain-based central bank digital currency (CBDC). The governor of the ECCB, Timothy N. J. Antoine, explained: “…will the digital EC Dollar be the world’s first digital legal tender currency to be issued by a central bank on blockchain but this pilot is also a live CBDC deployment.”
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A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.
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