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The Digital Currency Monetary Authority (DCMA) has launched an international central bank digital currency (CBDC).
The Universal Monetary Unit (UMU), symbolized as Ü, can transact in any legal tender settlement currency and is designed to enforce banking regulations and protect the financial integrity of the international banking system.
Also known as Unicoin, UMU is powered by artificial intelligence and adopts a central banking monetary policy framework to ensure it has continuous purchasing demand, minimal price volatility and annual asset pricing targets.
Ü also complies with the recent crypto assets policy recommendations proposed by the IMF and can be configured to operate according to the central banking regulations of each participating jurisdiction.
Banks can attach SWIFT Codes and bank accounts to a UMU digital currency wallet and transaction SWIFT-like cross-border payments over digital currency rails bypassing the correspondent banking system at best-priced wholesale FX rates and with instantaneous real-time settlement.
Universal Monetary Unit Model Law legislation has been drafted in collaboration with several sovereign states which dictates that UMU should not be enacted as legal tender for negotiating domestic prices or international trade agreements.
DCMA executive director Darrell Hubbard, and the “chief architect” of UMU, says UMU strengthens the international monetary system by helping the IMF achieve its stated mandate to provide economic and financial stability to its member states.
“UMU is a game-changer in how cross-border payments are transacted and mitigates against seasonal and systemic local currency depreciation,” Hubbard says.