Digital Banking

DCMA pilots Universal Monetary Unit in Latin America, Africa

June 2, 2023

The Digital Currency Monetary Authority, a digital currency advocacy group, has announced a pilot of Universal Monetary Unit's Unicoin point-to-point digital cash solution in Latin America and Africa.

Unicoin delivers cryptographic digital cash, which is transferred between phones with wireless point-to-point technology, Bluetooth and near-field communications, according to a press release.

The digital cash is not shared on any distributed ledger; instead, each mobile device stores a hardware wallet with a localized ledger. Unicoin provides both bank wallets for e-cash and a mobile wallet for private digital cash. Customers can perform a variety of tasks including:

• Purchase Unicoin from a money services provider or receiving a money transfer.
• See foreign exchange rates.
• Attach mobile wallet to a bank wallet to transfer money between them.

The solution is designed for the underbanked and unbanked and can be integrated with ATMs, point-of-sale devices and public payment systems such as bus and train stations.