Digital Dollar Project Completes Pilot Study of Remittance Payments to Philippines Using Simulated CBDC

08/03 21:35

The Digital Dollar Project (DDP) has completed a pilot study of remittance payments to the Philippines using a simulated retail central bank digital currency (rCBDC), with Western Union and BDO Unibank as partners. The study used a version of the DDP's Champion Model, in which a simulated central bank issued CBDC to an intermediary bank, which provided access to it to Western Union for remittance to a BDO Unibank customer in the Philippines. The transaction used central bank money for the entirety of the transaction, in contrast to current practice. The use of distributed ledger technology allowed for simultaneous transfer of message and value, and the authors concluded that CBDCs present an opportunity to modernize processes and promote efficiencies for private sector companies and their customers.

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