WASHINGTON—The Digital Dollar Project has completed a pilot study as part of the latest private sector efforts in support of the exploration and experimentation of a central bank digital currency (CBDC) in the United States.
The study was conducted as part of a collaboration by Western Union, BDO Unibank, Inc., and Accenture.
“Amidst an ever-evolving international payments landscape, retail cross-border remittances serve as a critical lifeline for millions of family members and loved ones worldwide who receive payments from US-based customers,” said Western Union. “The pilot study, executed in concert with a leading, technology-driven global payments player, evaluated the potential benefits of utilizing CBDCs for cross-border remittances. Participants designed and configured a platform leveraging distributed ledger technology (DLT) to simulate the payments infrastructure necessary to transfer digital dollars to Philippine pesos.”
The findings have been published in the Digital Dollar Project's 37-page whitepaper, "Retail Cross-Border Remittance Payments.”
‘Timely Step’
"As conversations around CBDC and a 'digital dollar' mature, this cross-border payment pilot is a timely step towards understanding the impact and generating highly applicable data for retail CBDC use cases," Jennifer Lassiter, executive director of The Digital Dollar Project, said in a statement. "With the support of Western Union and other DDP partners, we will continue to generate the needed research and data to map feasible, real-world use cases that speak to financial institutions, policymakers, and technological partners."
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