ECONOMY

Saint Kitts and Nevis launches a pilot of digital currency

ahmed

Saint Kitts and Nevis have introduced ‘Dcash.’ The Eastern Caribbean Central Bank (ECCB) created its digital currency version. 

The digital version of the EC dollar was rolled out in four countries: Antigua and Barbuda, St Lucia, Grenada, and Saint Kitts and Nevis. For now, this is a pilot version.  DCash Merchant App has already been launched as well. It allows payments both between individuals and organizations and uses DCash in e-commerce.

Dcash is considered to be an innovative payment option within the Eastern Caribbean Currency Union. It offers a cheaper, safer, faster, and more reliable mode of payment than the alternative payment methods. Unlike other cryptocurrencies, it has a fixed value, which is tied to the Eastern Caribbean dollar. It is also essential that an official central bank issues Dcash.

Bitt CEO Brian Popelka said: “(It) is a milestone in the history of monetary instruments.”

According to Sharmyn Powell, chairperson of the bank’s fintech working group, the project aims to reduce the use of physical cash by 50% within four years. Central Bank Governor Timothy N.J. Antoine notes that digital money is harder to steal. Furthermore, it’s a safe way to make payments, especially in a Covid-10 pandemic.

The European Central Bank, the Bank of Canada, the Swedish Riksbank, the Bank of Japan, the Bank of England, and the Swiss National Bank created a special group to determine whether they should issue digital currencies.

The Swedish central bank has already launched a pilot program. At the same time, China has begun using digital currency in 2020. At first, the project covered only four cities, expanding to more than two dozen cities in the future.

The very fact that Saint Kitts and Nevis have joined this initiative is crucial for business people. For now, this country has become a safe place to keep money and to  make money transactions, and more people started thinking about how to get Saint Kitts and Nevis passport. Thus, Saint Kitts and Nevis citizenship has become a coveted prize for investors.

Benefits of Saint Kitts and Nevis citizenship

  • Visa-free travel  to EU countries including Ireland, Switzerland, and the UK
  • Long-term US visa
  • Dual citizenship benefits
  • No need to live in the country
  • No need to visit the country during the application process
  • No income, wealth, and inheritance tax
  • Lifetime citizenship
  • Free movement in the CARICOM-Caribbean Community (CARICOM)
  • Fast processing within a few months

St Kitts and Nevis investment options

St Kitts and Nevis offer its applicants two possibilities: purchasing real estate and a non-refundable contribution to the Sustainable Development Fund. While the first option is non-refundable, the property can be sold after seven years.

If you are interested in Saint Kitts and Nevis citizenship, it is essential to apply for the services of a licensed citizenship programs provider. Migronis can guarantee you to obtain the desired citizenship without any delay as fast as possible! This company is driven to focus on achievable results that meet the needs of all those concerned, where possible. Thus, you’ll be able to get Saint Kitts and Nevis citizenship effortlessly.