Western Union Joins Forces with $75B Bank for US CBDC Pilot Study in Payment Sector Collaboration
Western Union, a major player in the payments industry, has partnered with a substantial $75 billion bank, BDO Unibank, to conduct a comprehensive study on the potential impact of a US central bank digital currency (CBDC).
The collaboration aims to assess how the adoption of a US CBDC. A digital asset backed by the Federal Reserve, would influence international remittances. The pilot study, conducted alongside a prominent global payments entity, explored the advantages of utilizing CBDCs for cross-border remittances. Such as swift settlement across currencies, cost efficiency, and heightened security and transparency.
Kevin Mole, Western Union’s Global Head of Digital Assets, highlighted the discerned benefits for customers and financial institutions, paving the way for continued evaluations on the practicality and desirability of incorporating retail CBDCs in cross-border remittances. It’s worth noting that while this initiative progresses. A recent survey unveiled that a significant majority of US citizens are opposed to a CBDC due to concerns about government oversight. Control over spending habits, and privacy issues.
Clever Robot News Desk 7th August 2023
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