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Universal Monetary Unit (UMU), Unicoin, Guarantees Banks and Fintechs the Best FX Rates on Cross-Border PaymentsWASHINGTON, May 9, 2023 /PRNewswire/ -- Today, the Digital Currency Monetary Authority (DCMA) announced banks and fintech companies now have access to the guaranteed best FX rates for transacting cross-border payments through its money servicing platform, Universal Monetary Unit (UMU), Unicoin. Universal Monetary Unit (UMU), Unicoin, symbolized as ANSI Character, Ü, is legally a money commodity regulated by the U.S. Commodities Futures and Trade Commission (CFTC) and can transact in any legal tender settlement currency. Banks can attach their customer bank accounts to a UMU wallet and transaction SWIFT-like cross-border payments over digital currency rails completely bypassing the correspondent banking system at guaranteed best-priced FX rates and with instantaneous real-time settlement. Unicoin leverages artificial intelligence for global treasury management and to hedge against FX rates fluctuations enabling it to offer FOREX PLUS rates whereas most remitters offer FOREX MINUS rates. According to Darrell Hubbard, the Executive Director of the DCMA and the chief architect of UMU, "Similar to how central banks adjust interest rates to control their money supply, the Unicoin monetary policy committee adjusts FX rate premiums to control the demand for UMU guaranteeing financial institutions at least 50 to 500 basis points above their spot market or contracted correspondent banking FX rates." UMU is a continuous demand monetary system where one of its underlying monetary utilities is premium FX rates. The same way gold and oil have continuous purchasing demand because they are used in a wide variety of downstream products, the Unicoin FX premium rates are aimed to be the underlying utility to stimulate continuous purchasing emand for UMU. For decades, the correspondent banking system has proven to be slow, costly, and inefficient. Because SWIFT has essentially enjoyed a global monopoly on banking cross-border payments, there has been little to no incentive to improve how the global correspondent banking system works. UMU does not disrupt the international monetary system because all cross-border transactions are settled based on a national legal tender at the prevailing foreign exchange rates. UMU simply offers premium FX rates and pays the equivalent settlement currency value in UMU in real-time. This is a total game-changer on the mechanics of how cross-border payments are transacted because it completely bypasses the correspondent banking system. Unicoin is also a store of value innovation and mitigates against seasonal and systemic local currency depreciation. According to Darrell, "Correspondent banks should not be a protected class. They should be treated no differently than any other private enterprise. The idea that banks can become too big to fail is a dangerous cancer on free market economies and hurts tax paying citizens in the end. Retail and commercial banks must compete and sustain their value proposition in the global economy. Otherwise, they should be disrupted and displaced like any other business." More Fintech companies are expressing interest to pilot this program than banks. However, the DCMA expects that to change in the coming months. 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. About Universal Monetary Unit (UMU) – Universal Monetary Unit (UMU), also known as Unicoin, is an innovation in store of value cryptography powered by artificial intelligence (AI). It adopts a central banking monetary policy framework to ensure it has continuous purchasing demand, minimal price volatility, and annual asset pricing targets. Media contact:
SOURCE Digital Currency Monetary Authority 
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