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.