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The Digital Currency Monetary Authority (DCMA) of the International Monetary Fund (IMF) has announced that it is going to launch a universal monetary unit Unicoin (UMU), which will belegal tender for cross-border settlements.
In order to comply with banking regulations and protect the financial integrity of the international banking system, the UMU is recognized by all participants in settlements as a monetary commodity that is issued and operatedin the format of the digital currency of the International Central Bank (CBDC).
When making bank transfers denominated in UMU, settlement participants will be able to link SWIFT codes and accounts to the Unicoin digital wallet in real time.
Darrell Hubbard, CEO of DCMA, assured that by using a public monetary system architecture with global localization, UMU can be configured to operate in accordance with central bank regulations for each of the participating jurisdictions.
Earlier, the International Monetary Fund drew
Islamic states' attention to the challenges local banking systems may face when launching central bank digital currencies.
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