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DCMA launches crypto-based CBDC known as unicoin 

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The Electronic Currency Financial Authority (DCMA) has introduced the start of its Universal Financial Device (UMU) dubbed unicoin. Unicoin is an worldwide central bank digital forex (CBDC) that facilitates cross-border payments via digital currency rails.

DCMA unveils Unicoin 

The Electronic Currency Financial Team (DCMA), a globe chief in the advocacy of electronic currency and monetary coverage innovations for central financial institutions and monetary authorities, has launched central bank digital currency dubbed unicoin.

Per an announcement by the workforce, unicoin, which was formally unveiled all through the Intercontinental Monetary Fund (IMF) spring conferences 2023 event, is intended to provide as a universal financial device (UMU) and worldwide CBDC that can aid SWIFT-like cross-border payments via electronic currency rails.

The crew promises unicoin allows customers to take pleasure in the very best-priced overseas trade premiums and immediate serious-time settlements that do not move by way of the banking program. 

Superior than a CBDC? 

Whilst a good number of central banking companies around the world are now at various phases of their CBDC growth, observers have elevated fears more than the inherent hazards of these electronic currencies, which include privacy problems.

Even so, Darrel Hubbard, the executive director of the DCMA has manufactured it clear that unicoin is diverse from regular CBDCs, in that the former is a funds commodity controlled by the U.S. CFTC, although the latter is managed by central banks.

“Unicoin features the most effective worlds among a cryptocurrency and a CBDC. As a cryptoasset, Unicoin adopts financial policies to guarantee it sustains its retail outlet of worth stronger than any fiat forex even though simultaneously complying with banking laws to fortify monetary sovereignty,”

Darrel Hubbard, government director of the DCMA

The group promises unicoin’s UMU method ushers in a new wave of cryptography constructed from the floor up for the banking market, to permit a lot quicker and safer transactions without the need of disrupting the financial technique. The DCMA has released a whitepaper for its new monetary.

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FATF urges enhanced compliance with virtual asset standards to combat crypto-based crime

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The Financial Action Task Force (FATF) urged countries to enhance regulation of virtual assets and ensure compliance with its 2018 standards on virtual assets.

The FATF  said during its latest Plenary meeting in Paris that many countries have failed to develop and adhere to its recommendations after almost five years since it made them. It added that most countries had not implemented its “travel rule” that mandates holding originator and beneficiary information — among other details of virtual asset transactions.

The watchdog said the lack of regulation of virtual assets allows criminal and terrorist financiers to exploit the system for their own needs — especially in the case of ransomware attacks, where criminals are able to steal vast sums and get away without detection or repercussions.

The FATF said that its analysis of ransomware attacks showed that these criminals mainly use virtual assets to launder the ransom payments as they have “easy access” to virtual asset service providers across the globe. The regulator said that jurisdictions with weak anti-money laundering and terrorist financing checks are of particular concern as they create opportunities that criminals can exploit.

The FATF said that countries need to strengthen regulatory cooperation across borders and share more information in order to tackle the issue effectively. Additionally, national authorities need to develop tools to help trace and recover stolen virtual assets, which will require them to collaborate with cyber security and data protection agencies.

The FATF said it has established a new roadmap to “strengthen” the implementation of its standards on virtual assets and will report on the steps FATF member and FSRB countries have taken to regulate virtual assets and virtual asset service providers in the first half of 2024.

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