Digital Currency Monetary Authority Debuts International CBDC

The Digital Currency Monetary Authority has unveiled a digital coin designed to speed cross-border transactions.

Introduced Monday (April 10) at the spring meeting of the International Monetary Fund, the authority’s Universal Monetary Unit (UMU) is an international version of a central bank digital currency (CBDC).

UMU 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,” the DCMA said in a news release.

Read more: PYMNTS