• Tue. Aug 2nd, 2022

Digital Currency Monetary Authority Introduces Global Digital Banking Framework for Crypto 2.0

ByHazel R. Lang

Jun 22, 2022

WASHINGTON, June 22, 2022 /PRNewswire/ — The Digital Currency Monetary Authority (DCMA) is introducing a global, regulatory-compliant framework for broader banking and financial services adoption of cryptocurrencies and digital assets.

The DCMA leadership team has been working with governments and central banks on blockchain and digital currency cryptography since 2013. Their work has been featured by the European Commission, the United Nations, and the World Economic Forum.

The vision of the DCMA was born from a meeting with the Banque Populaire de China (PBOC) in 2018. Darrell Hubbardfounding member of the DCMA, was invited to beijing meet with the PBOC to discuss the future of digital currencies and aspects of their digital yuan project.

Since then, the DCMA has been invited to review, participate and collaborate with central banks around the world in their research and development of Central Bank Digital Currency (CBDC) from advanced economies, such as the European Central Bank, to emerging markets. , such as the central bank of Ghana.

When the Biden administration released its Executive Order on Digital Assets, the US Treasury requested and met with the DCMA to discuss a digital asset guidance framework for the banking industry.

As stated in the first line of the Bitcoin whitepaper, Bitcoin was not designed to operate within regulated financial institutions. Now that central banks are exploring the adoption of cryptocurrency and digital assets, a new wave of crypto cash technology must evolve to meet the demands of banks.

For example, the global banking industry recognizes two forms of legal cash, regulated electronic money and physical money that can be exchanged hand-to-hand outside of the banking system.

The Bitcoin version of e-cash has not gained much popularity in retail and commercial banking because it cryptographically does not represent either legal form of societal cash.

Universal Monetary Unit, a subsidiary of DCMA, released the Crypto 2.0 standards and protocol in conjunction with major central banks. The framework is monetized through the Unicoin network and is only available to governments, regulated banks and licensed Fintech companies.

Unicoin is a globally decentralized digital financial services network. In the same way that you need an Internet Service Provider (ISP) to access the Internet, you need a Financial Service Provider (FSP) to access the Unicoin network. Unicoin, a cryptocurrency store of value, is a semi-decentralized network with monetary policies and will be governed by central bank members of the DCMA.

Unicoin was first introduced to the global stage in 2020 when it won the Innovation of the Year award at Hong Kong Blockchain Week alongside Yubi, one of the fintech digital banking projects from DCMA.

The DCMA aims to launch the Unicoin network first with central banks and their member banks in India, Africaand China.

The First Global Crypto 2.0 Digital Banking Summit is hosted by the DCMA on July 28, 2022 at the Constitution Club of India in New Delhi. Various officials from the Ministry of Finance and experts from the finance sectors in India Will be present.

The following week, the African Union assisted the DCMA in showcasing Crypto 2.0 at the 2022 Special Meeting of Governors of the Association of African Central Banks (ABCA) in Banjul, Gambia.

BitMart has expressed interest in being the first cryptocurrency exchange to list Unicoin. The DCMA plans to list Unicoin on crypto exchanges in the coming months.

To learn more about DCMA, Crypto 2.0 and Unicoin, visit https://unicoin.dcma.io

MEDIA CONTACT

Monetary authority of digital currency.

Darrell Hubbard

17043035359

[email protected]

SOURCE Digital Currency Monetary Authority


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