DCMA Launches An International CBDC
The Digital Currency Monetary Authority (DCMA) announced today at the International Monetary Fund (IMF) Spring Meetings 2023 the official launch of an international central bank digital currency (CBDC) that strengthens the monetary sovereignty of participating central banks and complies with the IMF’s recent crypto assets policy recommendations.
The Universal Monetary Unit (UMU), represented by the ANSI Character, Ü, is legally a money commodity that can transact in any legal tender settlement currency and functions similarly to a CBDC in order to enforce banking regulations and protect the financial integrity of the international banking system.
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 completely bypassing the correspondent banking system at best-priced wholesale FX rates and with instantaneous real-time settlement.
(With inputs from Shikha Singh)
You need to login in order to Like
