IMF denies involvement in controversial Unicoin launch

IMF disputes any participation with uCoin

The Universal Monetary Unit (UMU) has not received formal support from the International Monetary Fund (IMF).

The launch of the Universal Monetary Unit (UMU), also known as Unicoin, a new central bank digital currency (CBDC), was announced by the Digital Currency Monetary Authority (DCMA) on April 10. Despite its ties to governments, it doesn’t appear that Unicoin is a currency issued by a central bank. Although it is not a sovereign body for any nation, the DCMA professes to cooperate with authorities.

After reviewing the project’s whitepaper, the IMF said that it had not given the Universal Monetary Unit its official seal of approval. However, when the DCMA introduced Unicoin at the IMF’s Spring Meetings, misunderstandings about the IMF’s connections to Unicoin developed. Although it hasn’t voiced any objections, the IMF hasn’t formally backed the initiative.

In a headline that has subsequently been changed, news outlet Kitco initially claimed that the IMF “unveiled” Unicoin. Other well-known websites with comparable headline phrasing include Altcoin Investor, Investing.com, and ZeroHedge.

Instead of a CBDC, Unicoin is a private stablecoin.

No central bank issues Unicoin, and it has just a few prominent links.

Despite claiming to be a “world leader,” Unicoin has few significant ties. Even if it exists in a useable form, it is not issued by a central bank and is more appropriately referred to as a private stablecoin. It is yet unknown who will be responsible for releasing Unicoin because the DCMA is not a sovereign institution.