The IMF creates an international digital currency for cross-border payments

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Monetary Authority of Digital Currency(DCMA) of the International Monetary Fund (IMF) has announced that it is going to launch the Unicoin Universal Currency Unit (UMU), which will be legal tender for cross-border settlements.

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To comply with banking regulations and protectfinancial integrity of the international banking system, UMU is recognized by all settlement participants as a monetary commodity that is issued and operates in the format of the digital currency of the international central bank (CBDC).

When making UMU-nominated bank transfers, settlement participants will be able to link SWIFT codes and accounts to a Unicoin digital wallet in real time.

DCMA CEO Darrell Hubbard(Darrell Hubbard) assured that, using a globally localized public monetary architecture, the UMU can be configured to operate in accordance with central bank rules for each of the participating jurisdictions.

Previously, the International Monetary Fund drew
the attention of Islamic states to the problems that local banking systems may face when launching digital currencies of central banks.

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