Digital Dollar Mission completes CBDC retail remittance pilot with Western Union

Digital Greenback Project completes CBDC retail remittance pilot with Western Union

© Reuters.
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The Digital Greenback Project (DDP) announced the completion of a pilot eye of remittance funds to the Philippines the use of a simulated retail central bank digital currency (rCBDC). Western Union (NYSE:WU) and BDO Unibank hold been partners within the project.

The project veteran a version of the DDP’s Champion Model. In it, a simulated central bank issued CBDCs to an intermediary bank, which supplied accumulate admission to to it to Western Union (WU) for remittance to a BDO Unibank customer within the Philippines. WU veteran a decentralized change (DEX) to alternate a dollar CBDC for a Philippine peso CBDC at an proper-time payment aim by a 3rd-occasion oracle. WU got payment confirmation and transferred the amount to the bank customer’s epic.

<em>Remittance transfer procedure. Provide: The Digital Greenback Project</em>

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