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ECCU's Unique Payment Challenges
- The Eastern Caribbean Currency Union consists of eight small island states forming an archipelago, creating unique challenges for cross-border payments.
- Their financial system is very bank-centric with about 80% cash usage, causing slow and expensive payments.
Goals and Benefits of D Cash
- D Cash aims to improve payment efficiency, enhance financial inclusion, and boost resilience and competitiveness.
- Managed anonymity in digital cash balances user privacy and financial integrity unlike physical cash's complete anonymity.
Why Private Sector Falls Short in ECCU
- Small size and lack of economies of scale limit private sector innovation in ECCU's financial services.
- Banks amortize legacy systems without incentive to innovate faster, explaining why private market alone hasn't solved payment challenges.