IMF Announces Global CBDC

  • The new currency, UMU, also known as Unicoin, functions to enforce bank regulations and “protect the financial integrity of the international bank system.”
  • UMU promises it will have continuous purchasing demand, minimal price volatility, and annual asset pricing targets.

The announcement comes a little over a year after a Senior IMF official warned that cryptocurrencies could “destabilize” emerging markets.

  • In a January 2022 quote, one official called cryptocurrencies a “big challenge” for policymakers.
  • However, with the IMF’s launch of its own coin it seems like concerns stem from losing control more than anything else.

Why it matters: Following the launch of FedNow in March, some are concerned we are fast approaching a monetary new world order.

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