Digital Dollar Project Launches Retail CBDC Pilot
The Digital Dollar Project completed a pilot study in collaboration with Western Union, BDO Unibank in the Philippines, and Accenture, supporting the exploration and experimentation of a central bank digital currency (CBDC) in the US.
Retail cross-border remittances are crucial for millions of global family members receiving payments from US-based customers. A pilot study with a technology-driven global payments player evaluated the benefits of using blockchain-based digital currency exchange (CBDCs) for cross-border remittances. Participants designed and configured a platform using distributed ledger technology (DLT) to simulate the payments infrastructure for digital dollars to Philippine pesos. The findings are published in the Digital Dollar Project’s whitepaper, “Retail Cross-Border Remittance Payments.”
Western Union is adapting to consumer demand by implementing advanced technology systems for digital money transfers. A U.S. CBDC, issued and backed by the Federal Reserve, could provide a secure and reliable digital money transfer for individuals and families. Key benefits include reduced risk, optimized cost, enhanced customer experience, and improved visibility. This innovative approach aims to meet the growing demand for digital money transfers.
(With inputs from Shikha Singh)
You need to login in order to Like