IMF unveils Unicoin: A global, legal tender settlement CBDC InternationalMonetaryFund IMF centralbankdigitalcurrency
- During last week’s International Monetary Fund Spring Meetings 2023, the Digital Currency Monetary Authority announced the launch of an international central bank digital currency known as the Universal Monetary Unit , which is symbolized by the ANSI Character Ü.
Banks will be able to utilize the new currency by attaching SWIFT Codes and bank accounts to a UMU digital currency wallet. This enables them to conduct SWIFT-like cross-border payments entirely over digital currency rails, accessing the best-priced wholesale FX rates and achieving instantaneous, real-time settlement while bypassing the correspondent banking system.
“UMU is not attempting to disrupt the international monetary system,” said Darrell Hubbard, the Executive Director of the DCMA. “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.
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