Governor Antoine
Addresses the ECCU
Media on Launch of
FinTech Pilot Project
Remarks made by ECCB Governor,
Timothy Antoine, at a March 13 th ,
2019 press conference.
I wish to commence this media
conference by welcoming all
members of the media assembled
both physically and virtually. I also
welcome Rawdon Adams, the CEO
of Bitt Inc, ECCB’s partner for this
fintech pilot.
I recognise and thank all my ECCB
colleagues for their hard work and
support which brought us to this
day.
Today, we propose to furnish you
with some details on this historic
undertaking – the launch of our
pilot for the issuance of a digital EC
dollar (DXCD).
At this juncture in the history
of development of the Eastern
Caribbean Currency Union (ECCU),
we must, in the words of Bob Black,
American author, “march off the
edge of our maps”.
Our Motivation
Some of you may be wondering
what precisely is the motivation of
the Eastern Caribbean Central Bank
(ECCB) in making this bold move.
Simply put, it is shared prosperity
for the citizens and residents of the
Eastern Caribbean Currency Union.
In our Strategic Plan 2017-2021, we
made the case for socio-economic
transformation and issued a
clarion call for collective action
to transform the ECCU together. I
• Our shared values in respect of
innovation for development;
• Our vision for a digitally
integrated region;
• Bitt’s capacity: technical and
financial; and
have said it before, and I reiterate
it today, such transformation is not
possible without digital disruption. I
therefore urge us to avoid a “failure
of imagination” as we craft the way
forward.
We must never forget that all
the technologies that we now
take for granted, including our
smartphones, were once mere
ideas. Indeed, as William Blake,
visionary British poet, pointedly
reminds us “what is now proved
was once only imagined”.
For our region to improve our
development prospects and
performance, we must expedite
our digital transition. To this
end, regulators and innovators
must work together. This pilot
exemplifies such collaboration.
Bitt first approached the ECCB
about two years ago with the
idea of a digital EC dollar. As
we continued thinking about
transformation of the ECCU, we
became intrigued by the possibility
of a digital fiat currency for our
region. At that time, we were
finalising our Strategic Plan and we
made a decision to test and learn
more about this idea through a
pilot. Five months after the launch
of our Strategic Plan, we signed an
MoU with Bitt in March 2018 to
collaborate on this idea, and so our
journey to this pilot began.
The decision of the ECCB to partner
with Bitt was premised on several
considerations, including:
www.slyoumag.com | July-August 2019
• Bitt’s Caribbean identity:
presence and people.
Ladies and gentlemen, the
transformation of the ECCU
necessitates that we make a shift
and a leap. We must move from
our comfort zone to a challenge
zone. But we must not stop there.
From there, we must move into
a creative zone. In this zone,
we are obliged to challenge old
assumptions, examine our cultural
hang-ups and stretch our minds to
embrace new possibilities.
A cursory analysis of the ECCU
confirms that while the exchange
rate remains firmly entrenched
with a strong backing ratio
averaging around 98.0 per cent,
there remains a significant gap
between our region’s growth target
and actual performance. Last year,
our region grew by 2.7 per cent.
This year, we project growth of
3.1 per cent and next year about
3.5 per cent. While the direction
is positive, our current growth
trajectory falls well below our
target of 5 per cent. Furthermore,
unemployment especially
among youth is unacceptably
high. In some countries, the
rate of youth unemployment
doubles the national rate of
unemployment. Without a doubt,
we need to elevate the ECCU’s
growth trajectory. Such elevation,
external factors aside, requires a
combination of smart reforms and
investments in the ECCU.
At the outset, I want to make it
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