On Thursday, the Digital Dollar Project (DDP) announced the successful completion of a cross-border central bank digital currency (CBDC) trial in the Philippines, which it developed with Western Union.
The pilot study assessed the potential advantages of using CBDCs for international remittances, leveraging a distributed ledger technology (DLT) platform to simulate the transfer of digital dollars and Philippine pesos. It highlighted key benefits such as reduced risks, lower costs, and enhanced transaction visibility.
The Digital Dollar Project is a non-profit research initiative founded by Accenture and J. Cristopher Giancarlo, the former head of the US Commodity Futures Trading Commission (CFTC). It seeks to promote public discussions on the opportunities and challenges of a US CBDC and help organizations prepare for a potential digital currency future.
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