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Payments System Research Briefing


OBSERVATIONS FROM THE RETAIL CBDCS OF THE CARIBBEAN

Three retail central bank digital currencies (rCBDCs) have been issued in the
Caribbean, but thus far all have struggled to achieve expected adoption from
both consumers and merchants. The efforts to launch these rCDBCs offer three
takeaways: 1) the underlying technologies of rCBDCs may have little effect on
adoption; 2) an rCBDC may need to demonstrate value added to entice consumers to
use it; and 3) an rCBDC platform may need to be integrated into the larger
financial ecosystem to be widely adopted.

April 10, 2024
 * Payments System Research Briefing
 * Payments
 * Banking and Finance
 * International

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by: Franklin Noll
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Three retail central bank digital currencies (rCBDCs) have launched in the
Caribbean: the Bahamian Sand Dollar in 2020, DCash from the Eastern Caribbean
Currency Union (ECCU) in 2021, and the Jamaican JAM-DEX in 2022. These rCBDCs
were intended to shift cash-based economies to digital economies. However, the
success of this shift requires both widespread adoption of the rCBDC by
consumers and merchants and its use in everyday, low-value transactions.

A few years after launching, none of the Caribbean rCBDCs has yet achieved
widespread adoption. The Central Bank of the Bahamas (CBOB), the Eastern
Caribbean Central Bank (ECCB), and the Bank of Jamaica (BOJ) have each
identified reasons for their rCBDC’s low adoption. This Payments System Research
Briefing examines and highlights observations from the ongoing efforts to
facilitate adoption of rCBDCs in the Caribbean.




INITIAL DEVELOPMENT AND GOALS FOR CARIBBEAN RCBDCS

Although each rCBDC was pursued for multiple reasons, the main goal of each
product was to transform largely cash-based economies into digital economies.
Expanding financial inclusion may have been a supplementary goal or benefit, but
does not appear to have been the priority.

The first Caribbean rCBDC, the Bahamas’ Sand Dollar, was an outgrowth of the
Bahamian Payments Systems Modernization Initiative that began in 2003. The
initiative established a real-time gross settlement (RTGS) system for
large-value payments in 2004 and the automated clearinghouse (ACH) system for
small-value retail payments in 2010. In 2017, the CBOB began considering a CBDC
to give all Bahamians access to digital payments and banking services and reduce
the size of the informal (cash-based) economy (CBOB n.d.; Gutierrez and Marz
2022).

The second Caribbean rCBDC, DCash, entered development a couple of years later.
In the ECCU, the ECCB started exploring the issuance of a CBDC in 2017, and work
on the development of what would become DCash started in 2019. ECCB Governor
Timothy Antoine suggested the bank was pursuing an rCBDC “to help reduce cash
usage within the ECCU by 50 per cent [over five years], promote greater
financial sector stability, and expedite the growth and development of our
member countries.” He also noted, “It would be a game-changer for the way we do
business” (ECCB 2019).

The third Caribbean rCBDC, JAM-DEX, followed closely behind. In Jamaica, the BOJ
had been exploring the idea of an rCBDC since at least 2019 and decided to move
forward with development in 2020. The rCBDC development was part of the BOJ’s
ongoing reform of retail payments and transition to a digital economy (CBDCWG
2019; BOJ 2020; Jamaica Observer 2021). Specifically, the BOJ wanted consumers
and businesses to be part of a “modern payment system, of a digital alternative
to cash,” that would result “in systemic efficiency and significant reductions
in costs for cash distribution and storage” for the BOJ and the financial system
(Haynes 2021).




DESIGN AND TECHNOLOGY FOR RCBDCS

Unsurprisingly, the initial and often overriding concern of each rCBDC project
was developing requisite technology. In each case, the central bank contracted
with a technology firm to build its platform instead of developing it in-house.
In the end, each of the three rCBDCs was built on a different technological
foundation.

The technology firms all followed a vision for an intermediated, wallet-based
rCBDC. In an intermediated CBDC model, the central bank performs all minting,
burning, and settlement, and the authorized financial institutions that provide
end users retail financial services are responsible for all contact and
interaction with end users. A wallet-based CBDC means that transactions occur
via smartphone-based apps or digital wallets. In some cases, the wallets were
created by the CBDC developer. In all cases, detailed transaction data are only
available to the financial institutions providing retail services.

The Sand Dollar runs on a private, permissioned distributed ledger technology
(DLT) designed by NZIA Limited, now known as Movmint. Transactions are validated
through a Proof of Work protocol. The CBOB does not receive any identifiable
information in transactions, just the minimum data needed to perform settlement.
Also, financial institutions providing Sand Dollar wallets are not allowed to
retain any data beyond the account number of the user involved (CBDCWG 2020).1

The Sand Dollar wallet has an offline component that allows transactions
(limited by total value) when connectivity with the CBDC ledger is lost.2 The
consumer wallet comes in two types based on the amount of know-your-customer
(KYC) information provided, with different total balance and monthly transaction
limits. Tier 1 (the minimum KYC required) has balance and monthly transaction
limits of B$500 and B$1,500, respectively, while Tier 2 has limits of B$8,000
and B$10,000.

DCash was built by Bitt on a private, permissioned blockchain using Hyperledger
Fabric that resides on Google Cloud (Ledger Insights 2021). The ECCB can only
view anonymized transaction data, which includes the type of transaction (such
as person-to-person payments) and the amount of DCash stored in each digital
wallet. Detailed data are only available to the financial institution hosting a
user’s digital wallet (IMF 2020).

DCash digital wallets were developed by Bitt and have no dedicated offline
capability (Kiff 2021). Retail user wallets are divided into two types:
registered and value-based. Anyone with an account at a participating financial
institution can get a registered wallet; those without an account can sign up
for a value-based wallet, which requires verified identification (ECCB 2020).
Neither type of wallet has holding limits, but both types have monthly
transaction limits. A registered wallet’s transaction limit ranges from EC$3,000
to EC$20,000, while a value-based wallet’s limit ranges from EC$1,000 to
EC$2,700.

JAM-DEX was developed by eCurrency. Notably, the Jamaican CBDC is not built on a
blockchain or a distributed ledger. Instead, a centralized ledger controlled by
the BOJ handles “digital bearer instrument” tokens that move through Jamaica’s
RTGS system (Garratt and Shin 2023). eCurrency describes these tokens as “layers
of cryptography that form a digital object that is secured independent of a
ledger or wallet” (Cohen 2020). Because they are not dependent on the issuer’s
ledger for transactions, these digital objects can move through existing payment
systems. JAM-DEX allows tokens to be transferred without any connection to the
identity of the holder or need to communicate with the BOJ’s ledger. Thus,
transactions occur without the BOJ knowing the participants’ identities.
However, the bank can still gather aggregate data on transactions (Ciobanu
2021).

The only digital wallet available for JAM-DEX transactions is Lynk, which was
developed by a subsidiary of the National Commercial Bank (Hall 2022). However,
the wallet was not designed primarily to transact in JAM-DEX, but instead to
move e-money in Jamaican dollars. The Lynk wallet appears to have no tiers or
limits for JAM-DEX, but all Lynk users must pass National Commercial Bank’s KYC
to receive the wallet.




LOW ADOPTION OF RCBDCS

Although each rCBDC launched with great fanfare, the new payment methods have
thus far seemed to fall flat with consumers, merchants, and, in some cases, the
financial institutions meant to operate the payment platforms.

About one year after the Sand Dollar went nationwide (October 20, 2020), Sand
Dollar circulation reached around B$300,000; however, adoption was relatively
flat for the following year. In May 2023, the Sand Dollar had about 104,664
consumer wallets and around 1,500 merchant wallets (CBOB 2023). After a series
of Sand Dollar educational campaigns, promotions, and giveaways—as well as the
integration of the rCBDC with government payments and the ACH system—circulation
rose by about B$1 million, reaching B$1,099,910 by September 2023 (Branch, Ward,
and Wright 2023). Still, this value amounts to only 0.19 percent of the total
currency in circulation at the time.

Adoption of DCash was even smaller. Less than nine months after the start of the
DCash pilot in 2021, the DCash platform went down for close to 10 weeks; when
service was restored, around 4,000 wallet holders, roughly 20 financial
institutions, and 10 government agencies across the ECCU were participating in
the pilot. Later, DCash educational campaigns expanded and included in-person
demonstrations. By March 2023, 400 merchants were participating. Overall, DCash
circulation appears to have grown modestly from its initial issuance of EC$2
million to EC$2.45 million in March 2023 (ECCB 2022, 2023). This amount is still
very small, accounting for only 0.16 percent of the total currency in
circulation at the time.

JAM-DEX launched on July 11, 2022; by the end of the month, around 120,000
individuals and 2,300 merchants were reportedly on the JAM-DEX network via the
Lynk platform. The first 100,000 customers to sign up for the rCBDC received an
incentive bonus of JMD$2,500, resulting in circulation increasing by JMD$250
million. After this initial increase, circulation basically stalled.
Consequently, the BOJ engaged in cash promotions, merchant outreach, and an
education campaign to encourage adoption. By February 2023, these efforts had
resulted in 185,410 individuals, 90 small merchants, and 4,500 micro merchants
participating in JAM-DEX. Currently, JAM-DEX circulation is hovering around
JMD$257 million, roughly 0.11 percent of the total currency in circulation in
Jamaica (Jamaica Observer 2022b; BOJ n.d.; Patterson 2023).




CENTRAL BANK EXPLANATIONS FOR LOW ADOPTION

The Caribbean rCBDCs all failed to meet their expected adoption by consumers and
merchants, challenging their main goal of transforming cash-based economies to
digital economies. Although the rCBDCs use different foundational technologies,
they share similar designs and privacy protections. Why was adoption of these
rCBDCs so low?

The CBOB saw four factors leading to very low adoption of the Sand Dollar (Rolle
2022). First, merchants failed to participate in the Sand Dollar network.
Second, the Sand Dollar was not integrated with the traditional banking system
regarding merchant accounts. Third, banks and credit unions were slow to sign on
to the Sand Dollar project. And fourth, customer education was inadequate,
failing to show users how and why to use Sand Dollars.

The ECCB and Bitt have given three explanations for the slow adoption of DCash:
failures in user education, the selling of use cases, and low merchant
participation. A Bitt representative noted a “natural disinclination” among
potential users to adopt a new technology and the failure of the ECCB to
overcome this mindset (Phillips 2021). Customers were also not provided with any
actual use cases for DCash. The ECCB has admitted that it failed to develop the
merchant network, focusing on DCash development rather than on its
implementation and use (Emmanuel 2023). Moreover, DCash was not integrated with
merchant POS devices or with ECCU legacy financial systems, contributing to low
adoption among merchants (ECCB 2021; CBDC Broadcast 2023).

For the BOJ, the main reasons for low JAM-DEX adoption were a lack of public
education and difficulty in onboarding merchants. Consumers and merchants
reported general apathy over the launch of JAM-DEX. The BOJ responded to this
disinterest with “a national sensitization and education campaign” that promoted
the importance of using the rCBDC among consumers (Jamaica Observer 2022a).
However, the merchants wanting to accept JAM-DEX needed updated POS devices, and
the BOJ did not incentivize or mandate commercial banks to modify their ATMs to
accept and convert JAM-DEX (Sumner 2022). Unsurprisingly, commercial banks had
little interest in promoting the rCBDC.




THREE OBSERVATIONS FROM THE CARIBBEAN RCBDCS

The creation, launch, and resulting reception of the Sand Dollar, DCash, and
JAM-DEX offer three basic observations about building and launching an rCBDC.

1. Underlying technology may have little effect on the adoption of rCBDCs.

Each rCBDC uses different technology: Proof of Work protocol (Sand Dollar),
Hyperledger Fabric (DCash), and centralized ledger (JAM-DEX). Some wallets were
developed by the CBDC developer and some by commercial banks. These differences
seem to have no effect on rates of adoption. Even the crash of DCash had little
effect overall.

2. To adopt an rCBDC, consumers may need to be convinced of demonstrable added
value.

So far, all the Caribbean rCBDCs have failed to sell their purported advantages.
The issuing central banks have interpreted consumer disinterest as a lack of
digital experience, a “natural disinclination,” or a general apathy and
responded by stressing education, with little effect on circulation numbers.
Each central bank has not been able to demonstrate the added value of using its
rCBDC to potential users. Consumers may not be uneducated or apathetic; instead,
they may simply be practical, wondering what value an rCBDC has for them.

3. An rCBDC may need to be part of the entire payments ecosystem.

An rCBDC may not be able succeed as a stand-alone system, no matter how great
its technology. The development of an rCBDC requires interconnection and
integration with legacy financial and payments systems to get buy-in from all
the mutually dependent stakeholders: consumers, merchants, and commercial banks.

For both consumers and merchants, a new rCBDC payment system needs to be
integrated with legacy financial systems. For consumers, wallets need to be
integrated with bank accounts to allow for effortless transfer of funds between
bank accounts and rCBDC wallets. Otherwise, consumers are stuck with mastering
an entirely new payments system, separate from the cash or card-based systems
they already use. For merchants, an rCBDC payment system needs to interact with
their existing POS devices, inventory systems, or bank accounts. Otherwise, the
new rCBDC is burdensome and costly.

The complexity of achieving this integration seems to have discouraged
commercial banks from joining in on a new rCBDC. In an intermediated system,
these institutions are saddled with the responsibility of establishing all the
consumer-oriented aspects of the new payments system. This could include
updating ATMs, integrating POS devices, and even developing rCBDC wallets.
However, with the Caribbean rCBDCs, banks received little promise of increased
business or remuneration.


CONCLUSION

None of the Caribbean rCBDCs has so far met expected adoption. Average
circulation for the Sand Dollar, DCash, and JAM-DEX combined reached only 0.15
percent of all currency used in their areas, making it very challenging to
achieve their overall goal of transforming the cash-based economies into digital
ones.

From these ongoing, yet unsuccessful, undertakings, we have observed that to
spur adoption, consumers may need more than just rCBDC technology. They may need
the rCBDC to add value relative to cash, and they may need an rCBDC that is
widely accepted, readily accessed, and easily used.

In sum, a central bank may not be able to approach the development of an rCBDC
with the attitude of “if you build it, they will come.” The new payments system
with an rCBDC may need to be integrated into existing payments systems; into
ways that consumers, merchants, and banks do business; and, ultimately, into
people’s lives.


ENDNOTES

 1. 1
    
    Some of the information in this paragraph was obtained through a phone
    conversation with cofounder and chief operating officer of Movmint, Vinay
    Mohan, on April 10, 2023.

 2. 2
    
    This information was obtained through an email exchange with Vinay Mohan on
    April 5, 2023.


REFERENCES

 * Branch, Sharon, Lynsey Ward, and Allan Wright. 2023. “External LinkThe
   Evolution of SandDollar.” Intereconomics, vol. 58, no. 4, pp. 178–184.

 * BOJ (Bank of Jamaica). 2020. “External LinkBOJ Opens Door to Central Bank
   Digital Currency.” Press release, July 17.

 * ———. “External LinkMerchants that Accept JAM-DEX as Payment.”

 * CBDC Broadcast. 2023. “External LinkNew Digital Currencies Shaping the Future
   of Money.” FNA, September 21.

 * CBDCWG (Central Bank Digital Currencies Working Group). 2020. “External
   LinkImplementing a CBDC: Lessons Learnt and Key Insights Policy Report.”
   CEMLA Fintech Forum, October.

 * ———. 2019. “External LinkKey Aspects around Central Bank Digital Currencies
   Policy Report.” CEMLA Fintech Forum, May.

 * CBOB (Central Bank of the Bahamas). 2023. “External LinkPublic Update on the
   Bahamas Digital Currency Sand Dollar.” Press release, May 25.

 * ———. “External LinkSand Dollar: History.”

 * Ciobanu, Mirela. 2021. “External LinkInterview with the Central Bank of
   Jamaica and eCurrency on CBDCs.” Paypers, June 11.

 * Cohen, Mitch. 2020. “External LinkCBDC and Privacy Concerns.” eCurrency Staff
   Notes, September 20.

 * ECCB (Eastern Caribbean Central Bank). 2023. “External Link2022–2023 Annual
   Report.”

 * ———. 2022. “External LinkReport and Statement of Accounts for the Financial
   Year Ended 31 March 2022.”

 * ———. 2021. “External LinkECCB to Launch DCash in Saint Vincent and The
   Grenadines in June.” June 7.

 * ———. 2020. “External LinkECCB Moves Closer to Launching Digital EC Currency
   (DCash).” October 17.

 * ———. 2019. “External LinkECCB to Issue World’s First Blockchain-Based Digital
   Currency.” March 6.

 * Emmanuel, Robert. 2023. “External LinkECCB Governor Views Expansion of
   Merchant Network to Boost DCash Use in A&B, Subregion.” Antigua Observer,
   June 20.

 * Garratt, Rodney, and Hyun Song Shin. 2023. “External LinkStablecoins versus
   Tokenised Deposits: Implications for the Singleness of Money.” BIS Bulletin,
   no. 73, April 11.

 * Gutierrez, Juan, and Marlene Marz. 2022. “External LinkCBDC Article Series -
   CBDCs go live - Bahamas, ECCU and Nigeria.” Digital Euro Association Blog,
   October 24.

 * Hall, Ian. 2022. “External LinkJamaican Authorities and Digital Wallet
   Provider Push to Promote CBDC Use.” Global Government Fintech, August 9.

 * Haynes, Natalie. 2021. “External LinkA Primer on BOJ's Central Bank Digital
   Currency.” Jamaica Observer, March 31.

 * Phillips, Stephen. 2021. “External LinkA Progress Report on DXCD (A CBDC in
   Production).” Presentation to the Hyperledger Foundation, September 22.

 * IMF (International Monetary Fund). 2020. “External LinkEastern Caribbean
   Currency Union: Selected Issues.” IMF Country Report No. 20/71, March 5.

 * Jamaica Observer. 2022a. External Link“BOJ Partners with Gov't to Increase
   CBDC Adoption.” October 16.

 * ———. 2022b. “External LinkJAM-DEX... Finally.” July 26.

 * ———. 2021. “External LinkDigital Currency Will Be for Local Use Only, Should
   Speed Financial Inclusion — BOJ.” July 9.

 * Kiff, John. 2021. “External LinkFeatures of Central Bank of the Bahamas Sand
   Dollar and Eastern Caribbean Central Bank DCash (Updated).” Global Fintech
   Intelligencer, April 12.

 * Ledger Insights. 2021. “External LinkEastern Caribbean Launches Central Bank
   Digital Currency Pilot DCash.” April 1.

 * Patterson, Chris. 2023. “External LinkGov’t Provides Incentives to Boost
   JAM-DEX Use.” Jamaica Information Service, March 9.

 * Rolle, John. 2022. “External LinkThe Bahamas’ Experience with the Sand
   Dollar.” Remarks at the Digital Euro Conference. CBOB, November 7.

 * Sumner, Alphea. 2022. “External LinkHiccups Hamper Digital Currency
   Roll-out.” Jamaica Observer, October 27.

Franklin Noll is a payments specialist at the Federal Reserve Bank of Kansas
City. The views expressed are those of the author and do not necessarily reflect
the positions of the Federal Reserve Bank of Kansas City or the Federal Reserve
System.


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AUTHOR


FRANKLIN NOLL

LEAD PAYMENTS SPECIALIST

Franklin Noll began his professional life as a businessman. Coming from a small
farming town in the Pennsylvania Dutch country, he studied business and computer
science at Lehigh…

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