Washington, April 10, 2023 /PRNewswire/ — Today, at the International Monetary Fund (IMF) Spring Meeting 2023, the Digital Currency Monetary Authority (DCMA) announced the official launch of an international central bank digital currency (CBDC) that strengthens the monetary sovereignty of participating central banks and the recent comply with Crypto Resource policy recommendations proposed by the IMF.
The Universal Monetary Unit (UMU), symbolized as the ANSI letter, Ü, is legally a money product, transacted in any legal tender settlement currency, and acts like a CBDC to enforce banking regulations and protect the financial integrity of the international banking system.
Banks can link SWIFT codes and bank accounts to the UMU Digital Currency Wallet and conduct SWIFT-like cross-border payment transactions via Digital Currency Rail, completely bypassing the associated banking system, with best-value wholesale FX rates and instant real-time settlement.
In an interview with the IMF Tobias AdrianA financial advisor to the International Monetary Fund, he says “International payments can be slow, expensive and risky. In today’s payments world, counterparties from different jurisdictions rely on expensive fiduciary relationships to bridge the gap of a common settlement asset. With common rules and governance. But imagine if a multilateral Platforms exist that can improve cross-border payments – simultaneously transforming foreign exchange transactions, risk sharing and, more generally, financial contracts.”
According to Darrell Hubbard“This vision expressed by the IMF is the right solution that DCMA is providing to central banks worldwide,” said DCMA’s executive director, and chief architect of the UMU.
Adopting a globally localized public monetary system architecture, UMU can be configured to operate according to the central banking regulations of each participating jurisdiction.
George WalkerA partner at Practus, LLP, specializing in international law, facilitated the meeting between the DMCA and the IMF, said “Although the IMF has not formally endorsed the Universal Monetary Unit, after reviewing the DCMA’s whitepaper and weekly group discussions, the IMF still recognizes the FX premium of the UMU. raise any objections to rates and its fiscal sovereignty mechanism.”
According to Darrell, “The UMU is not trying to disrupt the international monetary system. If in fact, it strengthens it by helping the IMF achieve its stated mandate of providing economic and financial stability to its member states. The UMU is a game-changer—cross-border payments are transacted and seasonal.” and mitigates against systemic local currency devaluation.”
The Universal Monetary Unit Model Law has been drafted in cooperation with various sovereign states. In this proposed legislation, UMU should not be formulated as a legal tender for the negotiation of domestic prices or international trade agreements. Instead, the law proposes to formulate the UMU as a complementary currency product for accumulation of value, mitigating against potential seasonal and systematic local currency devaluation, and tendered as a payment currency at settlement.
Merchants and business partners can accept UMU for equivalent market value for their goods and services in any national legal tender. UMU’s wallet has a premium exchange rate and can convert any settlement currency amount into an equivalent UMU amount.
The Universal Monetary Unit is Cryptocurrency Reimagined from the ground up to support central banking and regulated financial institutions. It consists of a trusted consensus protocol, Stacked Proof of Trust (SPOT) protocol and a multidimensional DLT (mDLT) capable of supporting any asset or liability ledger enabling full service digital banking and international trade payments.
Introduced as DCMA Universal Monetary Unit Crypto 2.0 because it innovates a new wave of cryptographic technologies to realize a digital currency public monetary system with a widespread adoption framework inclusive of use cases for all constituencies in a global economy.
About Digital Currency Monetary Authority (DCMA) –
DCMA is the world leader in digital currency and monetary policy innovation for governments and central banks. Membership within the DCMA consists of sovereign states, central banks, commercial and retail banks and other financial institutions.
About Universal Monetary Unit (UMU) –
The Universal Monetary Unit (UMU), also known as UniCoin, is an innovation in the store of value cryptography powered by artificial intelligence (AI). It adopts a central banking monetary policy framework to ensure continuous purchasing demand, minimal price volatility, and annual asset price targets.
A copy of the UMU white paper is available on its website.
Source Digital Currency Monetary Authority