Get Used to the Words “Digital Dollar” and “CBDC’s”

The hardware and software is already in place for digital currency.  It’s happening already and tests and trials are being done.  We don’t know how much we might experience of this system before it’s ultimate fulfillment during the Great Tribulation, but it should be obvious to all that the Antichrist’s system is being built.

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The Digital Dollar Project (DDP) announced the completion of a pilot study of remittance payments to the Philippines using a simulated retail central bank digital currency (rCBDC). Western Union and BDO Unibank were partners in the project.

The project used a version of the DDP’s Champion Model. In it, a simulated central bank issued CBDCs to an intermediary bank, which provided access to it to Western Union (WU) for remittance to a BDO Unibank customer in the Philippines. WU used a decentralized exchange (DEX) to trade a dollar CBDC for a Philippine peso CBDC at a real-time rate set by a third-party oracle. WU received payment confirmation and transferred the amount to the bank customer’s account.

The transaction used central bank money, as opposed to commercial bank money, for the entirety of the transaction, in contrast to current practice. The DEX was a primary feature of the study. The authors noted that the development of such an exchange could have the advantages of creating competition and increasing transparency. They noted, however, that most remittances to the Philippines take place when trading is closed in Manila, so that leg remains problematic.

Privacy issues were not addressed in the study, though the report noted that distributed ledger technology helps preserve privacy “by allowing for granular control over the level of consumer data sharing.”

 https://cointelegraph.com/news/digital-dollar-project-completes-cbdc-retail-remittance-pilot-with-western-union