Digital Currency Monetary Authority is a private organization that supports the implementation of a central bank digital currency (CBDC). The ostensible goal behind introducing a CBDC is to help make international trade and money transfers easier.

The organization is a supporter of what it calls “crypto 2.0.” Crypto 2.0 is its vision that cryptocurrencies and blockchain technology will be adopted by central banks and other more mainstream entities. This contrasts with the adoption of cryptocurrencies such as Bitcoin largely by those outside of mainstream financial institutions. ¹

In April 2023, it released a digital currency called the Universal Monetary Unit. The purpose of the Universal Monetary Unit is to help facilitate cross border financial transactions and improve the quality of those transactions. ²

Background

The Digital Currency Monetary Authority is an organization that works to create and push for the implementation of central bank digital currencies. It is not a governmental agency nor is it affiliated with any international bodies. Instead, it is a private organization. ³

The organization is the creator of the “crypto 2.0” concept. The crypto 2.0 concept is a vision of the future in which cryptocurrencies and blockchain technology are adopted by mainstream and government-backed financial institutions. This contrasts with Bitcoin that have been largely adopted by those outside of mainstream financial institutions. ⁴

Universal Monetary Unit

In April 2023, Digital Currency Monetary Authority announced the creation of a digital currency which it called the Universal Monetary Unit. The feature of the Universal Monetary Unit was that it provided premium foreign currency exchange rates and provided an easier means for settling international transactions. It also provided for instant settlement of transfers. ⁵

While it was announced during a meeting of the International Monetary Fund, the IMF is not involved with this CBDC. ⁶

Digital Currency Monetary Authority has drafted recommended legislation for the adoption of central bank digital currencies by nation-states and other governmental monetary authorities. The organization claims that it has written the proposal in conjunction with several governments, but it does not disclose which nations helped write the legislation. The legislation that it proposes makes it clear that the CBDC would not be legal tender for domestic financial transactions and that it is not a currency in which international trade agreements would be negotiated. Instead, the purpose of the CBDC is to facilitate the transfer of money across international borders by acting as a store of value. The CBDC also works to prevent fluctuations that happen on the international currency trading markets. ⁷

While it is not intended to replace national currencies on the domestic level, merchants can accept a CBDC that can be converted into legal tender. ⁸

The organization refuses to disclose which countries are working with them on this currency. But it did say it was having success among African Union member states. ⁹

Membership In Organization

As of April 2023, the organization claims “sovereign states, central banks, commercial and retail banks, and other financial institutions” as members. ¹⁰ However, there is no independent corroboration of this. ¹¹

Leadership

The executive director of the organization is Darrell Hubbard. ¹²

1. “Crypto 2.0.” Digital Currency Monetary Authority. Accessed May 21, 2023. https://dcma.io/crypto-2-0.html.
2. “The Digital Currency Monetary Authority (DCMA) Launches an International Central Bank Digital Currency (CBDC).” PR Newswire, April 10, 2023. https://www.prnewswire.com/news-releases/the-digital-currency-monetary-authority-dcma-launches-an-international-central-bank-digital-currency-cbdc-301793163.html.
3. Adams, Josh. “What’s the Deal with the New ‘Unicoin’ International CBDC.” BeInCrypto, April 14, 2023. https://beincrypto.com/whats-deal-new-international-cbdc-unicoin/.
4. “Crypto 2.0.” Digital Currency Monetary Authority. Accessed May 21, 2023. https://dcma.io/crypto-2-0.html.
5. “The Digital Currency Monetary Authority (DCMA) Launches an International Central Bank Digital Currency (CBDC).” PR Newswire, April 10, 2023. https://www.prnewswire.com/news-releases/the-digital-currency-monetary-authority-dcma-launches-an-international-central-bank-digital-currency-cbdc-301793163.html.
6. “The Digital Currency Monetary Authority (DCMA) Launches an International Central Bank Digital Currency (CBDC).” PR Newswire, April 10, 2023. https://www.prnewswire.com/news-releases/the-digital-currency-monetary-authority-dcma-launches-an-international-central-bank-digital-currency-cbdc-301793163.html.
7. “The Digital Currency Monetary Authority (DCMA) Launches an International Central Bank Digital Currency (CBDC).” PR Newswire, April 10, 2023. https://www.prnewswire.com/news-releases/the-digital-currency-monetary-authority-dcma-launches-an-international-central-bank-digital-currency-cbdc-301793163.html.
8. “The Digital Currency Monetary Authority (DCMA) Launches an International Central Bank Digital Currency (CBDC).” PR Newswire, April 10, 2023. https://www.prnewswire.com/news-releases/the-digital-currency-monetary-authority-dcma-launches-an-international-central-bank-digital-currency-cbdc-301793163.html.
9. Adams, Josh. “What’s the Deal with the New ‘Unicoin’ International CBDC.” BeInCrypto, April 14, 2023. https://beincrypto.com/whats-deal-new-international-cbdc-unicoin/.
10. “The Digital Currency Monetary Authority (DCMA) Launches an International Central Bank Digital Currency (CBDC).” PR Newswire, April 10, 2023. https://www.prnewswire.com/news-releases/the-digital-currency-monetary-authority-dcma-launches-an-international-central-bank-digital-currency-cbdc-301793163.html.
11. Dalton, Mike. “IMF Denies Involvement in Purported CBDC.” CryptoSlate, April 17, 2023. https://cryptoslate.com/imf-denies-involvement-in-purported-cbdc/.
12. Adams, Josh. “What’s the Deal with the New ‘Unicoin’ International CBDC.” BeInCrypto, April 14, 2023. https://beincrypto.com/whats-deal-new-international-cbdc-unicoin/.