{"id":318304,"date":"2023-04-17T23:27:43","date_gmt":"2023-04-17T22:27:43","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=318304"},"modified":"2023-04-17T23:31:01","modified_gmt":"2023-04-17T22:31:01","slug":"imf-denies-involvement-in-purported-cbdc","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/imf-denies-involvement-in-purported-cbdc\/","title":{"rendered":"IMF denies involvement in purported CBDC"},"content":{"rendered":"

The International Monetary Fund (IMF) said in a statement to CryptoSlate that it is not involved with the purported CBDC named Unicoin.<\/p>\n

IMF denies involvement in Unicoin<\/h2>\n

On April 10, the Digital Currency Monetary Authority (DCMA) announced a central bank digital currency called the Universal Monetary Unit (UMU) or Unicoin.<\/p>\n

The IMF has denied all connections to that project, stating:<\/p>\n

“The IMF has no involvement in the DCMA or Unicoin.”<\/p><\/blockquote>\n

The DCMA's original press release<\/a> acknowledges that the IMF “has not officially endorsed Universal Monetary Unit.” Rather, it says that the IMF has merely reviewed the project's whitepaper and has not objected to certain project details.<\/p>\n

Confusion around the IMF's ties to Unicoin seems to be due to the fact that the DCMA announced the launch of Unicoin during the IMF's Spring Meetings.<\/p>\n

That connection led various sources to suggest that the IMF was directly involved in the asset's creation. In an April 10 headline that has since been edited, news site Kitco stated that<\/a> the IMF itself was responsible for “unveiling” Unicoin.<\/p>\n

Similar wording was later used in headlines from other high-profile sites, including Investing.com, Altcoin Investor, and ZeroHedge.<\/p>\n

Unicoin has few notable connections<\/h2>\n

Unicoin does not appear to be issued by any central bank despite the DCMA's purported involvement with governments.<\/p>\n

The DCMA, despite its name, is not a state authority but instead claims to work with authorities. As such, Unicoin \u2014 if it exists in a usable form \u2014 is more accurately described as a private stablecoin than a CBDC.<\/p>\n

Furthermore, the firm appears to have been founded just years ago. It has few notable connections despite its self-proclaimed status as a “world leader.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The International Monetary Fund (IMF) said in a statement to CryptoSlate that it is not involved with the purported CBDC named Unicoin. IMF denies involvement in Unicoin On April 10, the Digital Currency Monetary Authority (DCMA) announced a central bank digital currency called the Universal Monetary Unit (UMU) or Unicoin. The IMF has denied all […]<\/p>\n","protected":false},"author":1403,"featured_media":298096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76669,77968,32631],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nIMF denies involvement in purported CBDC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/imf-denies-involvement-in-purported-cbdc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF denies involvement in purported CBDC\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) said in a statement to CryptoSlate that it is not involved with the purported CBDC named Unicoin. IMF denies involvement in Unicoin On April 10, the Digital Currency Monetary Authority (DCMA) announced a central bank digital currency called the Universal Monetary Unit (UMU) or Unicoin. 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