Universal Monetary Unit (UMU), Unicoin, Pilots Point-to-Point Digital Cash Payments in Latin America and Africa
WASHINGTON, May 26, 2023 /PRNewswire/ -- Today, the Digital Currency Monetary Authority (DCMA) announced it is piloting a self-custody and completely private point-to-point digital cash implementation of Unicoin in Latin America and Africa.
Electronic money and paper money are the two forms of societal legal money recognized by the banking industry. Electronic money is transacted through banks and financial institutions and requires banking compliance such as KYC and AML features, whereas, paper money can be transacted person to person privately without involving any banking or financial intermediary.
Bitcoin and the first generation of cryptocurrencies all implement shared ledger technology or electronic cash. The crypto industry has yet to simulate a person-to-person paper money transfer, or digital cash.
Unicoin implements true cryptographic digital cash in which money is transferred directly between mobile devices using wireless point-to-point technology, Bluetooth and Near-Field Communications (NFC).
Unicoin's Point-to-Point Digital Cash is a completely private self-custody form of money not shared on any distributed ledger. Each mobile device is transformed into a hardware wallet with its own localized ledger and can transact with another device operating the same Unicoin Digital Cash Protocol.
Unicoin supports both a bank wallet for regulated electronic cash and a mobile wallet for private digital cash. Unicoin holders can attach their mobile wallet to their bank wallet and transfer money between them the same as depositing and withdrawing cash into a bank account.
Unicoin digital cash is ideal for developing countries without a high concentration of Smartphones or Internet connectivity. Unioin digital cash is ideal for merchants in rural areas and for unbanked and financial inclusion initiatives.
For mobile devices with internet connectivity, enhanced features are available, such as foreign exchange rates, enabling digital cash mobile wallets to settlement money transfers in any legal tender.
Once the mobile wallet is downloaded and installed, an initial cash balance can be loaded by attaching and transferring funds from a Unicoin bank wallet, by purchasing Unicoin from an approved money services provider, or by receiving a money transfer directly from another Unicoin mobile wallet holder.
It is not advisable to store too large of a balance in the mobile digital cash wallet because if the mobile phone is lost or stolen, just like cash, there is no way to recover it. If a Unicoin holder wants to transact a large digital cash payment, it is advisable to transfer funds from the bank wallet to the mobile wallet only at the time of payment.
Unicoin's digital cash solution is deployed as a standalone money operating system and can easily be integrated into ATM machines, Point of Sale (POS) devices, and public payment systems, like bus and train station ticketing and payment machines.
The Unicoin digital cash solution is currently being piloted in both Latin America and Africa with the expectation of a full product release within the next six 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), Unicoin, symbolized as ANSI Character, Ü, is legally a money commodity, can transact in any legal tender settlement currency. Unicoin supports both electronic cash and digital cash payments. Electronic cash functions like a CBDC to enforce banking regulations and to protect the financial integrity of the international banking system. Digital cash transacts private mobile to mobile payments.
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SOURCE Digital Currency Monetary Authority