BREAKING: IMF Launching New GLOBAL Cryptocurrency (to Destroy Bitcoin?!). Leaders from the World Bank and international monetary fund are gathering in Washington for their spring meetings this week.
The annual events attract a variety of world economic leaders from Bankers and corporate Executives to ministers of finance and leading academics.
BREAKING: IMF Launching New GLOBAL Cryptocurrency (to Destroy Bitcoin?!)
Breaking news if you hold cryptocurrency the international monetary fund just announced a new Global Currency. Known as the universal monetary unit to transform the world economy.
So this was an announcement at the IMF’s spring meetings in 2023 and this Universal monetary unit is also known.
Now as unicoin is an international Central Bank digital currency that has been designed to work in conjunction with all existing National currencies.
A lot of people aren’t familiar with what the World Bank and the IMF actually do and what is their role in the global economy.
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World Bank and the IMF:
Well, these institutions were set up at the end of World War II they were part of the Allied effort to design an International System that in theory would contribute to a more peaceful stable world.
And day to day the IMF really is sort of the Watchdog on the financial beat this is the IMF’s direct response to the rise of the crypto Universal monetary unit.
Or umu is symbolized by ANSI character U with two little dots is illegally a money commodity that can transact in any legal tender settlement currency and functions like a cbdc to enforce banking regulations and to protect the financial integrity of the international banking system xrp Community.
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How we feel a new Global Bridge competitor well umu is going to be fully interoperable with the traditional system.
Banks can attach Swift codes and bank accounts to an umu digital currency wallet and transact Swift-like cross-border payments over digital currency.
Rails completely bypassed the correspondent banking system at best-priced wholesale FX rates and with instantaneous real-time settlement and looking back at an interview from the IMF’s own Tobias Adrian.
Tobias is the financial counselor at the IMF back in 2020 Tobias stated that the traditional system for payments is outdated and something like Ripple is a solution.
And you know a large part of the population in the world doesn’t have access to bank accounts.
Even if it does have access to bank accounts that are extremely expensive it’s expensive to make payments requirements for International payments.
So I think one of the big motivations for this new technology right because Augustine is asking why is that there’s huge financial exclusion and these technologies have proven to increase Financial inclusion enormously.
And I think you have to look broadly around the world and the rebel example is one example or you know and Norman has talked about that is that International payments are very expensive and the structure is not very well built.
So back in 2020, the xrp community loved this hailing to bias a statement as potential future adoption cut to an interview with Tobias at the beginning of this year.
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Tobias was telling that the IMF was concerned about crypto as it could be used to evade money laws.
As you know one of the things one of the deciding factors that the FED cited in some of those decisions was the difficulty to enforce anti-money laundering laws right.
I mean you must be able as an institution to make sure that what’s going on is legal. And that is very difficult to do in a world where transactions are fundamentally Anonymous.
So that’s a fundamental clash between traditional banking regulatory approaches and the crypto world and its Regulators will not be at ease unless there’s a solution to this anti-money laundering and terrorist financing problem.
So basically Banks spend a lot of resources making sure that their transactions are legal and that is just fundamentally at odds with the design of crypto.
That of course was from earlier this year and now finally in the most recent direct quote from Tobias cross-border payments can be slow expensive and risky.
But imagine if a multilateral platform existed that could improve cross-border payments while at the same time transforming foreign exchange transactions risk sharing and more generally Financial Contracting.
So again the IMF wants this Universal monetary unit to be the new global settlement layer for all currencies Global.
But also working in the localized jurisdictions adopting a global localization public monetary system architecture.
umu can be configured to operate according to the central bank regulation of each participant.
Jurisdiction means the aim of this isn’t to replace existing Sovereign Nation currencies the aim is to strengthen them.
And umu is not attempting to disrupt the international monetary system in fact it strengthens it by helping the IMF achieve its stated mandate to provide economic and financial stability to its members States.
umu is a game changer in how cross-border payments are transactions and mitigates against seasonal and systemic local currency depreciation.
Now keep in mind that this has just been proposed by the IMF it has not been put into law yet,
But in this proposed legislation here are some of those details in this proposed legislation. umu should not be enacted as a legal tender for negotiating domestic prices or international trade agreements.
Instead the legislation proposes umu be enacted as a complementary money commodity for the store of value mitigating against potential seasonal and systemic local currency depreciation.
And tendered as payment currency at the time of settlement. So they see this as what all domestic currencies will eventually be settled into.
Now the Bitcoin Believers will tell you that Bitcoin should be that store value. The xrp supporters would have told you that xrp was meant to be that settlement layer.
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In my opinion these are the regulatory lines in the sand for crypto meaning that permission-centralized regulated cryptocurrencies are not going away. In fact they’re only getting bigger just like decentralized.
Open permissionless cryptocurrencies are not going away they’re only getting bigger. The universal monetary unit is cryptocurrency reimagined from the ground up to support Central Banking and regulated financial institutions.
It features a trusted consensus protocol staked proof of trust spot protocol and multi-dimensional DLT distributed Ledger technology or liability Ledger enabling full-service digital Banking and international trade payments.
This is being introduced as crypto 2.0 the bearish case for this is just like China’s cbdc. This will be a way for the haves to better control the have-nots for the government to better control the citizens.
The bullish case for this is a direct advertisement Why do We need Bitcoin why do we need Ethereum while every average person over these next few years will have to learn.
Okay what is this univ personal monitor unit how is it different from Bitcoin they’ll be forced to educate themselves on why Bitcoin and Ethereum are different and by the way this is an ongoing story.
The minute our team will get new information I will update this article. So stay tuned with us and follow us on Facebook. Thanks