IMF Launches New ‘Global Currency’ Called UMU Designed To ‘Monitor All Transactions’

Fact checked

A new global currency has just been launched by the international banking elite, but 99 percent of the global population has no idea what just happened.

The DCMA, a globalist membership organization of sovereign states, central banks, commercial and retail banks, and other financial institutions, confirmed the launch of the international CBDC this week at the International Monetary Fund (IMF) Spring Meetings 2023.

According to the IMF, the CBDC is designed to “enforce banking regulations” and “monitor all transactions.”

The Universal Monetary Unit (UMU), also known as “Unicoin” and symbolized as Ü, can transact in any legal tender settlement currency and can be configured to operate according to the central banking regulations of each participating jurisdiction.

DCMA executive director Darrell Hubbard, and the “chief architect” of UMU, says UMU strengthens the international monetary system by helping the IMF achieve its stated mandate to provide economic and financial stability to its member states.

“UMU is a game-changer in how cross-border payments are transacted and mitigates against seasonal and systemic local currency depreciation,” Hubbard says.

What is Unicoin, and what are its implications?

Central bank digital currencies (CBDC) have been a hot topic this year. The European Central Bank is due to finish its investigation into a digital euro in October. This week, the Bank of England announced it is looking to grow its CBDC team for a potential ‘Britcoin.’ Also, this week, Sweden has just published the third round of its pilot report for its own e-krona. Per Pymnts:

UMU is “legally a money commodity, 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,” the DCMA said in a news release.

Banks can attach SWIFT codes and bank accounts to a UMU digital currency wallet and transact “SWIFT-like cross-border payments over digital currency rails,” a reference to the SWIFT payment system, per the release.

This allows users to bypass “the correspondent banking system at best-priced wholesale FX rates and with instantaneous real-time settlement,” the release said.

The DCMA pointed in the release to comments from Tobias Adrian, financial counsellor at the IMF, who envisioned a “multilateral platform … that could improve cross-border payments — at the same time transforming foreign exchange transactions, risk sharing, and more generally, financial contracting.”

DCMA Executive Director Darrell Hubbard said in the release UMU is “the exact solution” to the vision the IMF has expressed.

The authority said UMU adopts “a global localization public monetary system architecture” and can be configured to meet “the central banking regulations of each participating jurisdiction.”

The launch comes amid a flurry debate about CBDCs in the U.S. Last month saw Florida Gov. Ron DeSantis and Texas Sen. Ted Cruz propose bans on the use of the currency.

DeSantis, often mentioned as a possible 2024 presidential candidate, has proposed legislation that would bar the use of both federal and foreign CBDC as money and called on other states to add similar prohibitions to their uniform commercial codes.

Two days later, Cruz introduced a bill that would prohibit the Federal Reserve from developing a direct-to-consumer CBDC.