The Digital Currency Monetary Authority (DCMA) has announced that they will be launching a new global central bank digital currency (CBDC).
The DCMA, according to their website, is –
A world leader in the advocacy of digital currency innovations for monetary authorities. Our mission is to enable trade globalization through the monetary integration of international payments and settlements while strengthening national economies monetary sovereignty.
The first wave of cryptographic cash was designed for public untrusted networks. The DCMA reimagines the next wave of cryptographic innovations engineered for adoption by central banks, retail and commercial banks, Fintech, governments, and cryptocurrency exchanges.
The group has created what they call the “Unicorn Network,” which “is a decentralized international banking network open to central banks, retail and commercial banks, Fintech, governments, and cryptocurrency exchanges,” the DCMA says.
“Central banks can deploy a resilient CBDC monetary system adopting the Unicoin Network Crypto 2.0 protocol,” the group adds.
The DCMA is also trying to establish a singular platform that will utilize just one single currency they call “Unicoin,” which their Unicorn Network is powered by. It is symbolized as “Ü” (UMU). The currency itself is powered by artificial intelligence.
This platform will allow central banks to convert their own currencies into Unicoin for easier international trade, while also allowing more stability against price fluctuations.
Universal Monetary Unit is an innovation in Store of Value cryptographic cash. It is a continuous demand money commodity leveraging monetary policy to minimize high volatility and to ensure continuous market demand.
Universal Monetary Unit can be adopted as an official currency for settling trade payments and as a central bank cash reserve currency to mitigate against seasonal and systemic local currency depreciation.
Universal Monetary Unit can be purchased in the local currency of each national economy strengthening central banking monetary sovereignty. Central banks can enter into a bilateral agreement with Universal Monetary Unit if they prefer to hold UMU on their CBDC ledger.
The DCMA explained
The DCMA announced these plans on April 10th during the International Monetary Fund (IMF) Spring Meetings 2023.
The DCMA explained more about the rollout of their CBDC and the IMF’s praise of it in a press release, which reads:
Today, at the International Monetary Fund (IMF) Spring Meetings 2023, the Digital Currency Monetary Authority (DCMA) announced their official launch of an international central bank digital currency (CBDC) that strengthens the monetary sovereignty of participating central banks and complies with the recent crypto assets policy recommendations proposed by the IMF.
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.
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.
In an IMF interview with Tobias Adrian, Financial Counsellor at the International Monetary Fund, he states:
Cross-border payments can be slow, expensive, and risky. In today’s world of payments, counterparties in different jurisdictions rely on costly trusted relationships to offset the lack of a common settlement asset together with common rules and governance.
But imagine if a multilateral platform existed that could improve cross-border payments—at the same time transforming foreign exchange transactions, risk sharing, and more generally, financial contracting.
SEE: IMF Advocates That Credit Scores Be Linked To Internet Search History
According to Darrell Hubbard, the Executive Director of the DCMA, and the chief architect of UMU,
This vision expressed by the IMF is the exact solution the DCMA is delivering to central banks worldwide.
Adopting a global localization public monetary system architecture, UMU can be configured to operate according to the central banking regulations of each participating jurisdiction.
George Walker, a Partner at Practus, LLP, specializing in international law, facilitated meetings between the DMCA and the IMF, states:
Although the IMF has not officially endorsed Universal Monetary Unit, in reviewing the DCMA’s Whitepaper and in weekly team discussions, the IMF has yet to state any objections to UMU’s FX premium rates and its monetary sovereignty approach.
According to Darrell,
UMU is not attempting to disrupt the international monetary system. If fact, it strengthens it by helping the IMF achieve its stated mandate to provide economic and financial stability to its member states. UMU is a game-changer in how cross-border payments are transacted and mitigates against seasonal and systemic local currency depreciation.
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 UMU for the equivalent market value for their good 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 DCMA introduces Universal Monetary Unit as Crypto 2.0 because it innovates a new wave of cryptographic technologies for realizing a digital currency public monetary system with a widespread adoption framework encompassing use cases for all constituencies in a global economy.
SEE: The International Monetary Fund Thinks The World Is Near Ready For Central Bank Digital Currencies
AUTHR COMMENTARY
Whether or not this actually gets adopted or not, we’ll have to wait and see, but this clearly is another large step to the eventual “final solution,” a one world government with a one world currency:
[16] And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six. Revelation 13:16-18
Right now we are still a bit aways off from this. On the macro-scale, we are knocking on the door: on the micro-scale we still have a bit more to go yet. Before this can be implemented or even truly considered, in my view, the United States’ hegemony must be brought down and the world must de-dollarize, which is really starting to pick up speed with more and more nations siding with BRICS.
SEE: BRICS Nations Discussing Working On A ‘Fundamentally New Currency’ According To Russian Official
Furthermore, more people need to be made depend on the system, and that will involve getting them so terrified and begging for bread they will do anything; resulting in CBDCs, digital IDs, vaccine passports, social credit scores, internet behavioral scores, and so on.
This Unicoin will be something to monitor for sure.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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