Features of Central Bank of the Bahamas Sand Dollar and Eastern Caribbean Central Bank DCash (Updated)

I’ve tabulated the key features of the two active central bank digital currency (#CBDC) projects in the Caribbean area. The Central Bank of the Bahamas (CBOB) went live with its Sand Dollar on October 21, 2020 after a ten month pilot, and the Eastern Caribbean Central Bank (ECCB) started a twelve month pilot of its DCash on March 31, 2021 on four of the eight island countries under its currency union. This is all based on publicly-available information – hence some of the question marks. If there are errors of omission or commission, please let me know in the comments! Also, see below for an updated version of the PDF version of the table that includes the Central Bank of Uruguay 2017-2018 e-Peso pilot.

 CBOB Sand DollarECCB DCash
Launch DatesPilot on December 27, 2019 and full launch on October 21, 2020Pilot started on March 31, 2021
Platform VendorNZIA – NZIA Cortex DLTBitt – Hyperledger Fabric
Expressions of interestOver 30 vendors evaluated?
Platform TypeDLT private permissionedDLT private permissioned
Falsification and double-spending controlSystem utilizes enhanced short-lived one-time web tokens?
AccessSmartphone & smart cardSmartphone only?
Transaction feesInitially no, but maybe yes laterNone during pilot
Interest bearing?NoNo
User tiers
Tier 1 requirementsPhysical/email address, phone number and photo.For “value-based“: Physical/email address, birth date/ place, phone number and photo.
Tier 1 transaction limitB$1,500/monthEC$1,000/m or EC$2,700/m
Tier 1 holding limitB$500 n/a
Tier 2 requirementsTier 1 requirements plus govt.-issued photo identificationFor “register-based“: Full name, address, phone number, and bank account
Tier 2 transaction limitB$10,000/m or B$100,000/yEC$3,000, EC$5,000, EC$20,000/d depending on risk profile
Tier 2 holding limitB$5,000n/a
RequirementsBusiness license & VAT ID numberBusiness name, physical/email address, phone number
Transaction limitB$20,000/m or 1/8th of annual revenues whichever is greater.EC$25,000/d to EC$300,000/d based on risk rating
Holding limitB$8,000 or 1/20th of annual sales, up to an annual limit B$1 million. n/a
Offline?Users can make a pre-set dollar value of payments when communications access to the Sand Dollar Network is disrupted. Wallets would update against the network once communications were re-established.The party initiating the transfer (sender) must have an internet connection. If the receiver is offline the payment will still be processed, and they will see the change in their balance as soon as they are back online.
Anonymity/Privacy?Transaction transparency to enable central bank monitor suspicious transactions and stop accounts. Pseudonyms ensure user anonymity. Central bank maintains ledger and server is encryptedCentral bank can see anonymized transaction data and outstanding stock of DCash in each digital wallet. Registered financial institutions can fully observe the identity of payers and payees and the purpose of transactions