Western Union and the Digital Dollar Project testing CBDC for international payments

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According to the Digital Dollar Project, a trial including Western Union about the usage of CBDCs for international remittances has discovered a number of possible advantages.

The former chief innovation officer of the CFTC, Daniel Gorfine, and CEO of Pure Storage, Charles Giancarlo, are the brains behind the Digital Dollar Project, a non-profit organisation created to promote public discourse and study on a CBDC.

For the most recent trial, the project collaborated with Accenture, BDO Unibank in the Philippines, and Western Union to create and set up a DLT-based platform that mimicked the payments infrastructure required to convert digital dollars to Philippine pesos.

Read More: Digital Dollar Project and Western Union pilot CBDC for cross-border remittances

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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