DCMA Launches Universal Monetary Unit (UMU), Unicoin, as the New CBDC Alternative

Last week, the Digital Currency Monetary Authority (DCMA) announced the launch of Universal Monetary Unit (UMU), Unicoin, at the International Monetary Fund (IMF) Spring Meetings 2023. Unicoin is an international central bank digital currency (CBDC) that offers SWIFT-like cross-border payments over digital currency rails. The CBDC completely bypasses the correspondent banking system and provides best-priced wholesale FX rates and instantaneous real-time settlement.

Mixed Reactions to Unicoin

Following the announcement, there were mixed reactions from the public. Emerging market participants expressed hope that Unicoin would be a solution for decolonizing the international monetary system. However, others expressed fears that Unicoin could be a global centralized surveillance tool for governments.

Darrell Hubbard, the Executive Director of the DCMA, said that central banks do not fully understand the driving forces behind cryptocurrency adoption. He added that while banks are focused on monetary sovereignty and financial integrity, crypto investors are interested in making money in a more fair and open financial monetary system.

Unicoin vs. CBDCs

CBDCs are digitized legal tender that suffer from the same loss in value as the country’s legal tender. This factor makes crypto investors view CBDCs as a souvenir rather than an innovation that can make their lives better. However, Unicoin is different because it is a money commodity regulated by the U.S. Commodities Futures and Trade Commission (CFTC). As a crypto asset, Unicoin adopts monetary policies to ensure it sustains its store of value stronger than any fiat currency while simultaneously complying with banking regulations to strengthen monetary sovereignty.

Universal Monetary Unit Whitepaper

This week, the DCMA published the Universal Monetary Unit Whitepaper titled “A Best-in-Class Money Commodity for Strengthening Monetary Sovereignty with a Digital Economic Union.” The Unicoin Whitepaper unveils several innovations designed to make banking faster and safer while strengthening and not disrupting the international monetary system.

Unicoin is built on open standards and deployed like a money operating system. Banks and Fintech companies can integrate easily with existing apps with a UMU store of value wallet to conduct real-time cost-efficient digital banking, digital trade, and digital payments worldwide.

The DCMA responds to the IMF’s recently published report on the potential risks crypto assets pose to the banking industry in the whitepaper. The DCMA refutes every single potential risk identified by the IMF and explains how Unicoin strengthens and not weakens the international monetary system.

TL;DR:

The Digital Currency Monetary Authority (DCMA) announced the official launch of Universal Monetary Unit (UMU), Unicoin, an international central bank digital currency (CBDC) that offers SWIFT-like cross-border payments over digital currency rails. The Unicoin Whitepaper unveils several innovations designed to make banking faster and safer while strengthening and not disrupting the international monetary system. Unicoin is built on open standards and deployed like a money operating system.