- International Monetary Fund Spring Meetings 2023 sees the launch of Universal Monetary Unit (UMU).
- UMU enables instantaneous, real-time cross-border transactions at best-priced wholesale FX rates.
A New Era of Cross-Border Transactions
The Universal Monetary Unit (UMU), represented by the ANSI character Ü, operates as a legally recognized money commodity, capable of transacting in any legal tender settlement currency while functioning like a CBDC.
This enforces banking regulations and safeguards the financial stability of the global banking system. Banks can link SWIFT codes and bank accounts to a UMU digital wallet, enabling cross-border payments over digital currency rails at competitive wholesale FX rates while bypassing the correspondent banking system.
Ripple and XRP: Revolutionizing Settlements
Ripple’s XRP offers a solution for fast, affordable settlements in real-time, making it an ideal complement to UMU’s cross-border transaction capabilities. With Ripple’s technology, central banks can further streamline their international payment processing and reduce costs.
Global Localization for Central Banks
UMU’s adaptable public monetary system architecture allows it to operate in compliance with each participating jurisdiction’s central banking regulations. Although not officially endorsed by the IMF, the organization has not raised objections to UMU’s FX premium rates or its approach to monetary sovereignty.
Strengthening the International Monetary System
Darrell Hubbard, Executive Director of the DCMA and UMU’s chief architect, stated that UMU aims to fortify the international monetary system rather than disrupt it. The CBDC helps the IMF provide financial stability to member states, revolutionizing cross-border payments and mitigating local currency depreciation risks.
The Future of Digital Currency: Crypto 2.0
Universal Monetary Unit, a cryptocurrency designed to support central banking and regulated financial institutions, heralds a new era of cryptographic technology. With its Staked Proof of Trust (SPOT) Protocol and multi-dimensional distributed ledger technology (mDLT), UMU is capable of supporting any asset or liability ledger for digital banking and international trade payments.
About DCMA and UMU
The Digital Currency Monetary Authority (DCMA) is a global leader in promoting digital currency and monetary policy innovations for governments and central banks. Universal Monetary Unit (UMU), or Unicoin, is a groundbreaking store of value cryptography powered by artificial intelligence (AI), adopting a central banking monetary policy framework to ensure continuous purchasing demand, minimal price volatility, and annual asset pricing targets.