It had to happen sooner or later. The IMF seeks to compete with Bitcoin with a shitcoin of his own. Unicoin ?
We knew that central banks try to confuse Bitcoin with their CBDC. But of course, no one is fooled.
Everyone knows that CBDCs will be the very negation of BTC. Common programmable currencies. Flanked in addition by a “digital ID” (digital identity) probably biometric.
Biometrics includes all computer techniques aimed at automatically recognizing an individual based on their physical, biological or behavioral characteristics. The grand design is that our money be accessible through his face or his fingerprint. This is already the case in China.
On the other hand, we did not know that the International Monetary Fund also wants its own CBDC. This ambition transpired during the spring meetings of the IMF.
The obscure Digital Currency Monetary Authority (DCMA) unveiled a prototype of an international CBDC there. This currency symbolized by Ü responds to the small name of unicoin for « Universal Monetary Unit ».
The DCMA presents itself as “a global leader in promoting digital currency innovations to monetary authorities.” “Our mission is to facilitate the globalization of trade through the monetary integration of international payments”.
The Unicoin network is intended to be a decentralized international network open to central banks, private banks, Fintechs, governments as well as cryptocurrency exchanges such as Coinbase or Kraken.
“Central banks can deploy a resilient CBDC monetary system by adopting the Unicoin Network Crypto 2.0 protocol”can we read on the DCMA website.
Unicoin vs Dollar
The IMF will most likely not adopt unicoin. But let’s not forget that the IMF has long aspired to launch its own currency. The idea dates from the Bretton Woods conference, when John Maynard Keynes presented the famous “bancor” there.
The bancor was refused by Harry Dexter White, the representative of the United States. Rather, he wanted to make the US dollar the international currency of reference and enjoy the famous “exorbitant privilege”. White will restore the Gold Exchange Standard by declaring the free convertibility of the dollar into gold. Until the nations demanded to finally be betrayed by Nixon.
It was then that the IMF launched a new currency called the SDR (Special Drawing Right). As a reminder, the SDR is a basket of currencies whose shares are revalued every five years. It currently consists of the dollar (43%), the euro (29%), the yuan (12%), the yen (7%) and the pound (7%).
Without much success in the end, even though China has long seen it as an international currency capable of replacing the dollar. Indeed, even if the IMF is still chaired by a European, the United States retains a right of veto. Much to the chagrin of globalist Christine Lagarde.
All this to say that no one will be surprised by the animosity of the IMF towards Bitcoin, which has long had the ambition to outdo the dollar.
IMF and CBDCs
The IMF is jealous of Bitcoin as well as the Bank for International Settlements. The latter has clearly taken the upper hand regarding CBDCs. The bank of central banks has every intention of establishing itself as the SWIFT of the CBDCs, in particular with its mBridge project.
It is probably no coincidence that Unicoin is compatible with the SWIFT network. Its CEO Javier Perez is well aware that CBDCs pose an existential threat and that an alliance with the IMF could prove vital.
Here is the kind of thing that can be read on the IMF blog:
“CBDCs have advantages over cash. Notably through the promotion of financial inclusion thanks to their ability to reach people who do not have a bank account, and the reduction of transaction costs for cross-border payments. »
Need we say more about the dark designs of this temple of globalism. Put an end to cash while indebting more and more new souls to keep the global fiat currency ponzi going exponentially.
[Le système requiert perpétuellement plus de dette pour tenir debout. Ne manquez pas notre article : « Pourquoi tant d’inflation » pour une explication ciselée du ponzi fiat.]
It should also be noted that the deputy managing director of the IMF and former deputy governor of the People’s Bank of China Bo Li has his own idea of what CBDCs could allow in certain regions of the world:
“The CBDC can enable government agencies and private sector actors to program currency to enable targeted political functions. For example, payment of social assistance, consumer coupons, food stamps. By programming the CBDC, money can be precisely programmed to choose who to distribute it to and for what purposes. »
And in the end, Bitcoin wins
The IMF is no more than an empty shell presenting no threat to Bitcoin. Globalism has taken a beating since the start of the war in Ukraine. Developing countries now prefer to turn to the “BRICS bank”.
The Brazilian president also lambasted the IMF just last week, accusing it of asphyxiating its Argentinian neighbour. For Lula, the BRICS Bank must replace the IMF and launch an alternative international currency.
This fantasized international currency will probably be as successful as the SDR. Moreover, it is certain that it will not be issued in an absolutely fixed quantity. Only a decentralized currency can guarantee this.
We always come back to Bitcoin. The currency of the enemies. Currency without trust. As Satoshi Nakamoto said so well:
“We have to trust central banks not to devalue the currency, but history shows that this trust is always betrayed. »
This was the case with the « Quantitative Easing » launched by the Fed and the ECB. Since then, Beijing and Moscow have been hoarding gold, not to mention the bitcoin mining industry.
The stateless, decentralized, anti-inflationary, and uncensorable nature of Bitcoin makes it the perfect store of value to oil global commerce. Especially in a context of serious geopolitical tensions, over-indebtedness and energy scarcity promising hyperinflation.
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Journalist reporting on the Bitcoin revolution. My papers deal with bitcoin through geopolitical, economic, and libertarian prisms.