The Digital Dollar Project cooperates with Western Union, BDO Unibank of the Philippines, and Accenture to study the advantages of CBDC cross-border remittances

Odaily Planet Daily News The Digital Dollar Project (The Digital Dollar Project) has partnered with Western Union, BDO Unibank of the Philippines, and Accenture to complete a pilot study of digital currency opportunities. The pilot study explores how a CBDC could be used for cross-border remittances using distributed ledger technology (DLT) to create the infrastructure to convert digital dollars into Philippine pesos. Kevin Mole, Global Head of Digital Assets at Western Union, said that through this pilot study, Western Union has identified several advantages for customers and financial institutions, laying the foundation for ongoing evaluation of the feasibility of using a retail CBDC for cross-border remittances. The study found that a CBDC could benefit the unbanked and underserved population through faster and easier access and transfer, and reduce the number of failed transactions. CBDC can conduct transactions at a lower cost, reduce risk through instant settlement, and ensure transfer visibility, thereby gaining more trust from users. (Finextra)