Timothy Antoine, the Eastern Caribbean Central Bank’s Governor is keen on seeing workers getting their wages more speedily. And the best way of ensuring this is embracing the use of DCash payments. Antoine conveyed his feeling last week Thursday, August 12. His delivery came from the ECCB headquarters in St. Kitts, in a Zoom link with its Vincentian counterpart.
Antoine cited “payments” as the “life-blood of every economy” hence the need to make sure that workers get their money in a timely fashion.
The session was beamed at Frenches House in Kingstown marking the launch of the new money arrangement. Antoine expressed delight that St. Vincent and the Grenadines was into the new era of cash dispersal.
The Governor pointed to benefits of the DCash interjection and sees it as helping to “build our digital economy in the Eastern Caribbean Currency Union (ECCU).
Antoine noted the opening of the Argyle Internal Airport as a plank of the nation’s development, but noted that all sectors of the economy ought to be engaged in the developmental process. To that end, Antoine sees the early receipt of payments as putting matters into the present day reality. “This is our future,” Antoine quipped, and added the “future is now.”
The ECCB Governor praised Vincentian Finance Minister Camillo Gonsalves for his endorsement of the DCash initiative.
Representative for this country on the ECCU’s Monetary Council, Gonsalves welcomed the new platform for doing business. He laments this country’s continued reliance on raw cash. He describes that dependency as an “impediment” to rapid progress.
He alluded to the multi-island nature of the state, and with the displacement forced by eruption of the Soufriere volcano, the Finance Minister sees the introduction of the DCash facility here as “creating new opportunities for digital cash to thrive.”
Government will be using the facility and persons will soon be able to get their Public Assistance payments through the DCash outlet.
Those receiving Income Support as a result of the Volcano Relief efforts can also look forward to DCash payments.
Gonsalves is urging Vincentian business houses to latch on to the DCash era.
He also sees it as a pillar in regional solidarity with faster transaction across the region.
“It will be a boom in regional commerce,” Gonsalves cited.
He echoed the benefits of the new dispensation, with the features of speedy operations and safe money dealings. His appeal is for merchants and the wider business environment to link up with the DCash system. “Get it early,” Gonsalves advised.
There is no question as to Gonsalves’ anxiety to get the DCash train rolling.
For him, DCash is “safe, effective, quick,” and he welcomes it as “critical to getting St. Vincent and the Grenadines out of this antiquated business environment.”
It there was any doubt as to the credibility of the new business era, live demonstrations of transactions were displayed across the region with triangular interaction between governor Antoine, Minister Gonsalves and local worker Timothy Scott. A lively interactive session ensued with interest peaking as to the prospects of the new thrust.
The ECCB officials are making it clear that they are not in competition with any other digital cash providers and that there is space and opportunities for anyone.
Antoine used the opportunity to point out the need for update laws in the financial sector. According to him, work is progressing on a ‘Modern Payment Services Bill’ which is slated for introduction in 2022.
Source : William : ‘Kojah’ Anthony for The Vincentian