Former Deputy Chief Data Officer for the U.S. Department of Treasury Advises DCMA's Universal Monetary Unit (UMU) is a Game Changer

WASHINGTON, April 24, 2023 /PRNewswire/ -- There has been an unprecedent global response to the recent public announcement of the launch of Universal Monetary Unit (UMU), Unicoin, at the International Monetary Fund (IMF) Spring Meetings 2023 earlier this month.

The Digital Currency Monetary Authority (DCMA), which engineered UMU as both an International CBDC and a money commodity, released its Whitepaper last week prompting many in the banking industry and the private sector to digest what it means and its implications on existing crypto assets.

Bryan Swann, the Former Deputy Chief Data Officer for the U.S. Treasury, has been serving as an informal advisor to the DCMA, conducted a deeper dive in how Unicoin works and advises "The Universal Monetary Unit architecture is a componentized framework that allows every central bank to configure its own AML, KYC, sanctions, and other compliance rules. The protocol enforces the appropriate origination and destination rules at the time of payment. This is a game changer in how cross-border payments can be more streamlined and cost-efficient."

Because Unicoin enables central banks or their member banks to configure their own regulatory rules many are asking if Unicoin is a replacement for national CBDCs. "Absolutely not," states Darrell Hubbard, the Executive Director for the DCMA and chief architect of Unicoin. Darrell further explains "Unicoin is a complementary money commodity that functions like a CBDC and works alongside any legal tender currency strengthening the monetary sovereignty of the local economy and monetary system."

UMU adopts monetary policies ensuring Unicoin is a sustainable and strong store of value. Domestic and international trade should always be quoted in a national legal tender and simply paid at an equivalent value in UMU at the time of payment.

Mike Ogbalu, Chief Executive Officer at Pan-African Payment and Settlement System (PAPSS), who has reviewed UMU as a potential store of value integration into PAPSS described the platform in two words "Well done. That was inspiring…"

PAPSS is a wholly owned subsidiary of the Africa Export Import Bank (Afreximbank). Their Chief Economist, Dr. Hippolyte Fofack, states "Universal Monetary Unit is a multilateral payment system that draws on advances in digitalization to moderate friction and to increase the efficiency of cross-border payment and settlement mechanisms. UMU promotes equilibrium by mitigating against local currency depreciation and the scale of global macroeconomic imbalances in global trade."

According to Darrell "This week the DCMA is meeting with various central bank governors who expressed interest in learning more about the Unicoin Digital Economic Union from the IMF Spring Meetings. We are finalizing the scope of an international pilot. Stay tuned for an announcement in the coming weeks."

About the Digital Currency Monetary Authority (DCMA) –

The DCMA is a world leader in the advocacy of digital currency and monetary policy innovations for governments and central banks.  Membership within the DCMA consists of sovereign states, central banks, commercial and retail banks, and other financial institutions.

https://dcma.io

About Universal Monetary Unit (UMU) –

Universal Monetary Unit (UMU), symbolized as ANSI Character, Ü, is legally a money commodity, 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.

Unicoin, an international central bank digital currency (CBDC) that can transact 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.

https://umu.cash

Media Contact:

Ruth Marshall
704-303-5359
[email protected]

SOURCE Digital Currency Monetary Authority