Digital Dollar Project completes CBDC retail remittance pilot with Western Union

The Digital Dollar Project (DDP) revealed the conclusion of a pilot research study of remittance payments to the Philippines utilizing a simulated retail main bank digital currency (rCBDC). In it, a simulated central bank released CBDCs to an intermediary bank, which offered access to it to Western Union (WU) for remittance to a BDO Unibank customer in the Philippines. Remittance transfer scheme. Remittances from the U.S. to the Philippines generally cost 4.4% on a total deal of $200, with bank transfers costing 7.98% on average.

The Digital Dollar Project (DDP) revealed the conclusion of a pilot study of remittance payments to the Philippines utilizing a simulated retail central bank digital currency (rCBDC). In it, a simulated main bank provided CBDCs to an intermediary bank, which provided access to it to Western Union (WU) for remittance to a BDO Unibank consumer in the Philippines. Remittance transfer plan.

Remittances from the U.S. to the Philippines normally cost 4.4% on a total deal of $200, with bank transfers costing 7.98% typically. The simulated procedure would conserve money and time, as well as increase transparency.The DDP, co-founded by previous Commodity Futures Trading Commission Chair Christopher Giancarlo, released its technical sandbox in September. Accenture likewise offered support for the project.Magazine: Chinas Digital Yuan Is an Economic Cyberweapon, and the United States Is Disarming