Showing posts with label Currency. Show all posts
Showing posts with label Currency. Show all posts
Wednesday, December 31, 2025
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Thursday, November 06, 2025
Monday, January 20, 2025
Friday, June 28, 2024
Tuesday, April 11, 2023
The Digital Currency Monetary Authority (DCMA) Launches an International Central Bank Digital Currency (CBDC)
NEWS PROVIDED BY
Digital Currency Monetary Authority
Apr 10, 2023, 09:27 ET
WASHINGTON, April 10, 2023 /PRNewswire/ -- 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.
Apr 10, 2023, 09:27 ET
WASHINGTON, April 10, 2023 /PRNewswire/ -- 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.
International Monetary Fund Spring Meetings 2023
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."
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.
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.
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."
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.
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), 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.
A copy of the UMU Whitepaper is available on its website.
https://umu.cash
Contact:
Ruth Marshall
7043035359
356933@email4pr.com
SOURCE Digital Currency Monetary Authority
Source
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.
A copy of the UMU Whitepaper is available on its website.
https://umu.cash
Contact:
Ruth Marshall
7043035359
356933@email4pr.com
SOURCE Digital Currency Monetary Authority
Source
Tuesday, April 04, 2023
Sunday, October 09, 2022
India’s central bank to launch digital rupee pilot
OCTOBER 7, 2022, 8:32AM EDT
by Inbar Preiss
by Inbar Preiss
The Block
Quick TakeThe Reserve Bank of India published a concept note on central bank digital currencies, stating a digital rupee prototype will be launched “soon.”
A digital rupee will likely have both retail and wholesale use cases as the central bank explores other features.
The Reserve Bank of India (RBI) is stepping towards initiating a digital rupee pilot and indicating key features in the central bank digital currency (CBDC), according to a 50-page report released on Friday.
The Indian central bank says it will launch a pilot Digital Rupee program “soon,” and will communicate about its features and benefits “from time to time.” Some key features, however, have been cautiously revealed.
The report distinguishes between retail and wholesale use cases, for consumers and for bank-to-bank transfers, and suggests that both may be introduced.
It also discusses several issuing models, especially one where a wholesale CBDC would be account-based and issued by the central bank, while the CBDC for consumers would be token-based and managed by an intermediary.
Additionally, RBI calls for “reasonable anonymity for small value transactions” to stick to a non-interest-bearing coin that resembles physical cash.
The technology behind the digital rupee is not yet set in stone. The RBI is leaving the door open to adapt to the decentralized technology as it evolves.
The report explores different possibilities and aims to raise awareness about CBDCs, with “compelling reasons” that make a national digital currency “as attractive as cash if not more.” However, the concept note is also wary of the risks and seeks to take on the pilot program step by step.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Quick TakeThe Reserve Bank of India published a concept note on central bank digital currencies, stating a digital rupee prototype will be launched “soon.”
A digital rupee will likely have both retail and wholesale use cases as the central bank explores other features.
The Reserve Bank of India (RBI) is stepping towards initiating a digital rupee pilot and indicating key features in the central bank digital currency (CBDC), according to a 50-page report released on Friday.
The Indian central bank says it will launch a pilot Digital Rupee program “soon,” and will communicate about its features and benefits “from time to time.” Some key features, however, have been cautiously revealed.
The report distinguishes between retail and wholesale use cases, for consumers and for bank-to-bank transfers, and suggests that both may be introduced.
It also discusses several issuing models, especially one where a wholesale CBDC would be account-based and issued by the central bank, while the CBDC for consumers would be token-based and managed by an intermediary.
Additionally, RBI calls for “reasonable anonymity for small value transactions” to stick to a non-interest-bearing coin that resembles physical cash.
The technology behind the digital rupee is not yet set in stone. The RBI is leaving the door open to adapt to the decentralized technology as it evolves.
The report explores different possibilities and aims to raise awareness about CBDCs, with “compelling reasons” that make a national digital currency “as attractive as cash if not more.” However, the concept note is also wary of the risks and seeks to take on the pilot program step by step.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Wednesday, October 05, 2022
SWIFT sets out blueprint for central bank digital currency network
October 5, 20222:19 AM EDT
China's official app for digital yuan is seen on a mobile phone next to 100-yuan banknotes in this illustration picture taken October 16, 2020. REUTERS/Florence Lo/Illustration
LONDON, Oct 5 (Reuters) - Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an 8-month experiment on different technologies and currencies.
The trial, which involved France and Germany's national central banks as well as global lenders like HSBC, Standard Chartered and UBS, looked at how CBDCs could be used internationally and even converted into fiat money if needed.
Around 90% of the world's central banks are now using, trialling or looking into CBDCs. Most don't want to be left behind by bitcoin and other cryptocurrencies, but are grappling with technological complexities.
SWIFT's head of innovation Nick Kerigan said its trial, which will be followed by more advanced testing over the next year, resembled a bicycle wheel where 14 central and commercial banks in total connected spoke-like into its main hub.
The idea is that once scaled-up, banks may need only one main global connection, rather than thousands if they were to set up connections with each counterpart individually.
"We believe that the number of connections needed is much fewer," Kerigan said. "Therefore, you are likely to have fewer breaks (in the chain) and you are likely to achieve greater efficiency."
The trial also tested different underlying CBDC technologies known as Distributed Ledger Technologies. The use of various technologies has also been raised as a potential hurdle for rapid global adoption.
There was a separate trial too carried out alongside Citi, clearing house Clearstream and Northern Trust on 'tokenised' assets - traditional assets like stocks and bonds transformed into digital tokens that can then be issued and traded in real-time.
Some countries such as the Bahamas and Nigeria already have CBDC's up and running. China is well advanced with real-life trials of an e-yuan, while central bank umbrella group, the Bank for International Settlements, has also been running cross-border trials.
SWIFT's main advantage though is that its existing network is already usable in over 200 countries and connects more than 11,500 banks and funds.
The Belgium-based firm has gone from being virtually unknown outside banking circles to a household name this year after it cut most of Russia's banks off from its network as part of the West's sanctions for the country's invasion of Ukraine.
Kerigan said that kind of move could also happen in a new CBDC system, but doubted whether it would stop countries joining one.
"Ultimately what most central banks are looking to do is to provide us with a CBDC for the people, the businesses and the organisations in their jurisdiction."
"So a solution that's fast and efficient and that gains access to as many other countries as possible would seem to be an attractive one."
Reporting by Marc Jones; Editing by Ana Nicolaci da Costa.
LONDON, Oct 5 (Reuters) - Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an 8-month experiment on different technologies and currencies.
The trial, which involved France and Germany's national central banks as well as global lenders like HSBC, Standard Chartered and UBS, looked at how CBDCs could be used internationally and even converted into fiat money if needed.
Around 90% of the world's central banks are now using, trialling or looking into CBDCs. Most don't want to be left behind by bitcoin and other cryptocurrencies, but are grappling with technological complexities.
SWIFT's head of innovation Nick Kerigan said its trial, which will be followed by more advanced testing over the next year, resembled a bicycle wheel where 14 central and commercial banks in total connected spoke-like into its main hub.
The idea is that once scaled-up, banks may need only one main global connection, rather than thousands if they were to set up connections with each counterpart individually.
"We believe that the number of connections needed is much fewer," Kerigan said. "Therefore, you are likely to have fewer breaks (in the chain) and you are likely to achieve greater efficiency."
The trial also tested different underlying CBDC technologies known as Distributed Ledger Technologies. The use of various technologies has also been raised as a potential hurdle for rapid global adoption.
There was a separate trial too carried out alongside Citi, clearing house Clearstream and Northern Trust on 'tokenised' assets - traditional assets like stocks and bonds transformed into digital tokens that can then be issued and traded in real-time.
Some countries such as the Bahamas and Nigeria already have CBDC's up and running. China is well advanced with real-life trials of an e-yuan, while central bank umbrella group, the Bank for International Settlements, has also been running cross-border trials.
SWIFT's main advantage though is that its existing network is already usable in over 200 countries and connects more than 11,500 banks and funds.
The Belgium-based firm has gone from being virtually unknown outside banking circles to a household name this year after it cut most of Russia's banks off from its network as part of the West's sanctions for the country's invasion of Ukraine.
Kerigan said that kind of move could also happen in a new CBDC system, but doubted whether it would stop countries joining one.
"Ultimately what most central banks are looking to do is to provide us with a CBDC for the people, the businesses and the organisations in their jurisdiction."
"So a solution that's fast and efficient and that gains access to as many other countries as possible would seem to be an attractive one."
Reporting by Marc Jones; Editing by Ana Nicolaci da Costa.
Monday, January 03, 2022
ICE LIBOR
ICE BENCHMARK ADMINISTRATION ▼
LIBOR®
Introduction
LIBOR® is a benchmark that has historically been determined using input data contributed by a panel of banks. The “panel bank” LIBOR methodology is designed to produce an average rate that is representative of the rates at which large, leading, internationally active banks with access to the wholesale, unsecured funding market could fund themselves in that market in particular currencies for certain tenors.
Immediately prior to December 31, 2021, LIBOR was calculated for five currencies (USD, GBP, EUR, CHF and JPY) and for seven tenors in respect of each currency (Overnight/Spot Next, One Week, One Month, Two Months, Three Months, Six Months and 12 Months), resulting in the publication of 35 individual rates each applicable London business day.
ICE Benchmark Administration Limited (“IBA”) is the authorized and regulated administrator of LIBOR.
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