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The International Monetary Fund (IMF) has just unveiled its central bank digital currency (CBDC) called Unicoin.
The IMF says its CBDC is designed to replace all physical cash to become the single global digital currency used by all sovereign nations.
The organization’s own Universal Monetary Unit (UMU, aka Unicoin) was announced at the IMF’s annual Spring Meetings.
In a statement, the IMF said that UMU functions like a CBDC and is a legal, global money commodity.
The purpose of this particular iteration of a CBDC is to make sure banking regulations are enforced.
The globalized form of “digital cash” also seeks to protect “the financial integrity of the international banking system,” the IMF claims.
This currency will be used by banks via SWIFT codes and bank accounts linked to a UMU digital wallet.
The scheme is supposed to allow for digital cross-border payments modeled after SWIFT.
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