IMF unveils Unicoin – a global CBDC

As opponents of central bank digital currencies (CBDCs) are getting more vocal in their criticism of this type of digital version of paper money that many countries are either adopting or are close to doing so. This is one of the pillars of financial globalism, the International Monetary Fund (IMF), has made its stance very clear. The IMF’s Spring Meetings this year saw the announcement of the organization’s own, “international central bank digital currency” called the Universal Monetary Unit (UMU, aka Unicoin). The IMF said in a statement that UMU functions like a CBDC and is a legal and global money commodity. The purpose of this particular iteration of a CBDCs is to make sure banking regulations are enforced, as well as to protect “the financial integrity of the international banking system.” This currency will be used by banks via SWIFT codes and bank accounts linked to a UMU digital wallet. The scheme is supposed to allow for digital cross-border payments modeled after SWIFT, and promises best wholesale exchange rates of settlement currencies and real-time settlement, “while bypassing the correspondent banking system.” At the same time, IMF officials are describing the current cross-border payment system as slow, expensive, and risky, while declaring that UMU’s goal is not disruption of the international monetary system – such as it is – but rather, to further “strengthen” it. Not only that, but the IMF looks set on rebranding the term “crypto” – normally associated with decentralized digital currencies that leave central banks and…IMF unveils Unicoin – a global CBDC