Digital Dollar Project completes CBDC retail remittance pilot with Western Union

The Digital Dollar Project announced the completion of a pilot study of remittance payments to the Philippines using a simulated retail central bank digital currency . Western Union and BDO Unibank were partners in the project.

Privacy issues were not addressed in the study, though the report noted that distributed ledger technology helps preserve privacy “by allowing for granular control over the level of consumer data sharing.”By using distributed ledger technology, the transfer of the message and transfer of value took place simultaneously and within seconds. With current technology, value transfer takes longer than message transfer, introducing counterparty and credit risk.

The Digital Dollar Project (DDP) announced the completion of a pilot study of remittance payments to the Philippines using a simulated retail central bank digital currency (rCBDC). Western Union and BDO Unibank were partners in the project.

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