I am the Alpha and the Omega, the beginning and the end – IMF/World Bank WBDC – Unicoin (UMU)

So.. a new development came in the blockchain space over the week.. and it didn’t make a huge splash in my feed, nor did it show up in any ‘weekly rundowns’ I read..

It’s a new WBDC – yes you read that right. ‘W’ is too far away from ‘C’ on the keyboard for it to be a typo.

‘World Bank Digital Currency’

It’s called the Unicoin, also known as UMU.

The last post I started working on (which wasn’t very long) was about Musk’s XAI. I started viewing material about it on Thursday, more urgent matters intervened, and I didn’t get to assemble it and publish it until the next day.

As I released it, I noticed there was no shortage of others covering the story.

That’s the ‘Musk Factor’ and maybe if Unicoin had been breaking news a different week, it would have probably risen higher on peoples radar.

So what exactly is the Unicoin?

A ‘Stacker News’ tread contributor wrote: The IMF clearly didn’t do any research before picking the name “Unicoin”. There are at least two other currencies that are also called “Unicoin”….

Supposedly there is a whitepaper for IMF’s Unicoin, but I can’t find it anywhere. The only thing that mentions a whitepaper is the FAQ, but that’s a reference to Bitcoin’s whitepaper. Without a technical description, Unicoin could be anything.’

Another thread contributor claimed that the announcements from the IMF were written in a very new language known as ‘shitcoinese’. I sensed some satire in that.

To understand what a Unicoin ‘NOTIONALLY SHOULD BE’ as we go to a sovereign nation’s currency to understand the anchor of a CBDC, we should go to the IMF to understand the functioning value instrument they use as a basis for defining their unitary financial engagements.

For this we look at a contrivance known as the IMF’s SDR Basket.

This is a reserve of the IMF which is a cocktail of different leading currencies in various proportions.

The Renminbi (Chinese Yuan) was admitted in 2016.

In theory, if this was the truth, then as a means of value exchange, it wouldn’t be a bad thing on the face of it.. the cocktail formula would render it less vulnerable to sovereign weaknesses of individual CBDCs due to the fiscal performance of its sovereign state.

If Nigerians were given free access to this in exchange for Naira, this wouldn’t be bad at all…because the Naira is a restricted currency, the eNaira inherits its sovereign properties, and provides no better capability of border crossings than physical notes.

If IMF/World Bank were to ‘require’ FGN to give its citizens free and open access to Unicoin (UMU) it would render many aspects of the cryptocurrency ban impotent.

However, Next News Network says: ‘…the International Monetary Fund (IMF) just announced their plan to launch a revolutionary digital currency: Unicoin. This futuristic currency is poised to take over the global banking system, leaving national currencies like the dollar in the dust…Is this a financial revolution or a subtle form of monetary tyranny? Some experts warn of the IMF’s sinister plan for control and domination, sparking concerns about financial sovereignty.’

https://www.youtube.com/watch?v=log3n0GYHnw

Moreover the Unicoin/UMU appears to be the work of an organisation called the DCMA (Digital Currency Monetary Authority) which does not seem to be directly under the auspices of the IMF, but a separate entity of sorts.

The CEO of DCMA is one Darrell Hubbard, and one George Walker, a Partner at Practus, LLP, specializing in international law, facilitated meetings between the DMCA and the IMF.

Different documentation suggests the Unicoins’ emulation of the SDR basket composition is ‘a target’.

Well.. a target… what’s that? It either is, or it isn’t. When aligning value instruments, they are either pegged or not. Subjective language is worrying.

Talking up the Unicoin, George Walker said:

Although the IMF has not officially endorsed Universal Monetary Unit, in reviewing the DCMA’s Whitepaper and in weekly team discussions, the IMF has yet to state any objections to UMU’s FX premium rates and its monetary sovereignty approach.

Whatever that is supposed to mean.

My conclusion: Jury is still out.

9ja Cosmos is here…

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All reference sites accessed between 15-16/04/2023

nextnewsnetwork.com/2023/04/13/imf-and-the-global-elite-launch-unicoin-a-digital-trojan-horse-for-the-financial-apocalypse/

kitco.com/news/2023-04-10/IMF-unveils-Unicoin-A-global-legal-tender-settlement-CBDC.html

beincrypto.com/whats-deal-new-international-cbdc-unicoin/

unicoin.com/

dcma.io/

winepressnews.com/2023/04/13/the-digital-currency-monetary-authority-launches-an-international-cbdc-called-unicoin-at-imf-meeting-for-all-nations-to-transact-with/

endtimeheadlines.org/2023/04/imf-unveils-new-global-currency-known-as-the-universal-monetary-unit-that-is-supposed-to-revolutionize-the-world-economy/

coinmarketcap.com/headlines/news/ripple-the-central-banks-of-central-banks-launches-cbdc-can-xrp-beat-it-due-to-superior-tech-report/

www.imf.org/en/News/Articles/2016/09/30/AM16-PR16440-IMF-Launches-New-SDR-Basket-Including-Chinese-Renminbi