The Digital Currency Monetary Authority (DCMA) has launched its CBDC which it claims it strengthens the monetary sovereignty of participating central banks.
The CBDC – named Universal Monetary Unit (UMU) – is legally a money commodity and can transact in any legal tender settlement currency, and functions like a CBDC to enforce banking regulations and to 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.
Adopting a global localization public monetary system architecture, UMU can be configured to operate according to the central banking regulations of each participating jurisdiction.
Universal Monetary Unit Model Law legislation has been drafted in collaboration with several sovereign states. In this proposed legislation, UMU should not be enacted as legal tender for negotiating domestic prices or international trade agreements.
Instead, the legislation proposes UMU to be enacted as a complementary money commodity for the store of value, mitigating against potential seasonal and systemic local currency depreciation, and tendered as a payment currency at the time of settlement.
Merchants and trading partners could accept the CBDC for the equivalent market value for their goods and services priced in any national legal tender. UMU has premium exchange rates built into its wallet and can convert any settlement currency amount to the equivalent UMU amount.
Universal Monetary Unit is cryptocurrency reimagined from the ground up to support central banking and regulated financial institutions. It features a trusted consensus protocol, Staked Proof of Trust (SPOT) Protocol, and a multi-dimensional DLT (mDLT) capable of supporting any asset or liability ledger enabling full-service digital banking and international trade payments.
The Bank of England (BofE) has recently begun hiring workers to develop its digital currency, according to PYMNTS.
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