Another new S*** coin?

The Digital Currency Monetary Authority has launched an international Central Bank digital currency (CBDC) called Unicorn, which functions as a CBDC to enforce banking regulations and protect the financial integrity of the international banking system. The Unicorn is a stepping stone that will be used as a framework for the digital dollar and any other digital currency issued by central banks. Membership within the Digital Currency Monetary Authority consists of sovereign states, central banks, commercial and retail banks, and other financial institutions. The Unicorn can be configured to operate according to the central banking regulations of each participating jurisdiction, meaning that expiration dates and limits on the location where the currency can be used can be turned on or off by the CBDC issuer. The new CBDC is being marketed as a complementary system, and merchants and trading partners can accept the Universal Monitor Unit for the equivalent market value of their goods and services priced in any national legal tender.

Unicoin (UMU) is a new digital currency, also known as the Universal Monetary Unit. They plan to release Unicoin on major crypto exchanges in?2023?after developing high brand recognition, global awareness of its benefits, and a strong equity portfolio. It has been dubbed an international central bank digital currency, and its launch was announced at the IMF Spring Meeting in April 2023. The UMU is expected to function as a global currency and has gained much attention and media coverage since its launch.

In a recent interview with Darrell Hubbard, a founding member of the DCMA, he addressed some of the misconceptions surrounding the UMU and the DCMA. Hubbard's background is in computer science, and he has had a successful career in the technology industry, including work with blockchain and digital currency prototypes.

The DCMA was founded to explore the future of money from a digital perspective. Hubbard was invited by the People's Bank of China to discuss the future of money and was encouraged to look at central bank digital currencies and stable coins. This led to the formation of the DCMA and the launch of the UMU.

The UMU is expected to function as a global currency that can be used for a wide range of transactions. It has been designed to be secure, scalable, and fast, and it uses blockchain technology to ensure transparency and trust. The UMU is also designed to be flexible, with features that can be customized to meet the needs of different users and organizations.

One of the major concerns surrounding central bank digital currencies is privacy. Hubbard acknowledged this concern and stated that the UMU is designed to be private, with features such as zero-knowledge proof that ensures that transactions are secure and private.

The founder of UMU, who is also the sole owner of the company, has invested tens of millions of dollars of his own money to finance the venture. He has turned away hundreds of millions of dollars of investment opportunities, including from DCMA, because he wanted to maintain monetary sovereignty and avoid influence from the private sector. There was no pre-mining or any other stakeholders or investors who acquired UMU before launch. As for what's in it for the founder, he did not mention any financial gain and stated that his focus is to provide a continuous demand monetary system for the banking industry and to offer the best FX rates over any corresponding banking system in the world.

Hubbard clarified that the International Monetary Fund (IMF) is not officially involved with the Digital Currency Monetary Authority (DCMA), but rather they have an educational relationship where the DCMA is educating the IMF about their project. He explains that the DCMA supports the fundamental mechanics of the international monetary system but is disrupting the corresponding banking system with a new, faster and more efficient model. He also mentions that some media outlets have made false or misleading statements about the DCMA's relationship with the IMF, and the IMF has issued a statement denying direct involvement with the DCMA on the UMU project.

Besides that, he mentioned that the IMF's involvement with their project, clarifying that while the IMF did not officially endorse the project, they did meet with them regularly and had positive comments. He dismisses conspiracy theories that suggest the project is a scam, stating that they were invited to the IMF Spring Meetings and have been working on the project for five years. Hubbard quoted an IMF official who speaks about the need for a multilateral platform to improve cross-border payments, which the project aims to address. He explained that they have declined public appearances but agreed to an interview based on a recommendation from their chief research professional.

Hubbard confirmed that the DCMA or the use of the UMU is not intended to be used as a spying tool. However, some countries, like China, may have different rules and may use their national CBDC for monitoring transactions. He also clarified that compliance rules such as AML, KYC, and sanctions can still apply in the digital currency model. Each country has its own set of rules and it is up to each country to decide how they configure their compliance inside the engine.

Regarding CBDCs at large, Hubbard said that the concern about the US CBDC being used as a tool of surveillance and forfeiting privacy is an overstated conspiracy. The US is a democratic state and any rules that the government would put out over a CBDC would have to go through a conversation and be passed. He doubts that a proposal for creating a CBDC that barely every single transaction is monitored would pass in the US. Any rules implemented would have to go through the legislative process and have the majority of the people's vote.

UniCoin offers investors the opportunity to own America's most innovative and rapidly scalable crypto mining ecosystem. With UniCoin, investors can enjoy earth-friendly crypto mining that results in more profit for all. Overall, the UMU is a promising development in the world of digital currencies. Its launch has been met with much excitement, and it has the potential to become a global currency that can be used for a wide range of transactions. However, it remains to be seen how it will be adopted and used by governments and individuals worldwide.

TLDR

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What do you think about the implementation of physical cash in cryptocurrency wallets and the use of peer-to-peer transactions?

How can CBDCs help the underbanked population?

What is your opinion on government surveillance and monitoring in regards to CBDCs?

What privacy guardrails do you think should be implemented for CBDCs?

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