IMF’s “Unicoin” is a Nothingburger

BREAKING: It’s chopped liver. [Altucher Confidential] April 19, 2023 [WEBSITE]( | [UNSUBSCRIBE]( If you’re worried about CBDCs, don’t worry about the fabled Unicoin. [Hero_Image] IMF’s “Unicoin” is a Nothingburger By Chris Campbell External Advertisement FedCoin is REAL (and coming soon). [Click here for more...]( In what could be the worst kept secret inside the D.C. Beltway... A Fed-backed digital dollar — a.k.a. “FedCoin” — recently finished testing. And now, as a major [dollar-destroying event]( approaches (on July 1)... Every American should be making this [one crucial move, ASAP](. [Chris Campbell] CHRIS CAMPBELL Dear Reader, “BREAKING!” shouted the clickbaity headline of a Youtube video. “IMF Creates International CBDC! WATCH NOW!!!” I admit it. I clicked. “I’ve been warning about this for years,” the Youtuber began. “And it is officially here today. The International Monetary Fund (IMF) just announced the launch of an international Central Bank Digital Currency (CBDC) called Universal Monetary Unit (UMU).” Now, hold on a second. There are several breathless videos just like this one on Youtube. And they’re all about the IMF’s “new digital currency.” But they’re wrong. There’s plenty of things to worry about when it comes to CBDCs… But UMU isn’t one of them. Today, I went on a deep dive… Here's what I found. Set The Record Straight What is UMU exactly? Framed as “Crypto 2.0,” UMU is not a traditional central bank digital currency (CBDC) but is intended to function like one, operating across all national jurisdictions. Put simply, it is the “CBDC’s CBDC.” It’s meant to act as a settlement layer between CBDCs. BUT… The IMF has nothing to do with it. Rather, a somewhat murky organization called the Digital Currency Monetary Authority (DCMA) pitched the idea to the IMF at its Spring Meetings… Big difference. On April 10, a press release -- written by the DCMA -- published in the PR Presswire reads: “Today, at the International Monetary Fund (IMF) Spring Meetings 2023, the Digital Currency Monetary Authority (DCMA) announced their official launch of an international central bank digital currency (CBDC) that strengthens the monetary sovereignty of participating central banks and complies with the recent crypto assets policy recommendations proposed by the IMF.” So… The DCMA announced the launch of an “international central bank digital currency” that complies with the policy recommendations of the IMF. Already, we see this isn’t the same thing as “The IMF launched a crypto!” The press release also says that the IMF has not officially endorsed UMU, but didn’t state any objections to it. Another way to say it: Sure, they didn’t endorse it. But they also didn’t not endorse it. Who Runs It? The DCMA’s [LinkedIn]( only lists two employees: Darrell Hubbard and an unnamed social media team member. With a little digging, however, I discovered that DCMA/Unicoin/UMU is just a rebrand from past crypto projects. In 2017, Hubbard launched a crypto called Yetta, which was inspired by EU goals and research projects funded under the EU-Horizon 2020 program. [ALC] Although the article about Yetta was published on the EU’s website, [it also reads like a carefully-constructed press release](. Yetta doesn’t appear to have been funded by the EU directly, but the [marketing]( suggested as much. [ALC] Instead, as the article explains below the fold, Yetta was leveraging similar technology and research that was funded by the EU. Not that it was EU-funded. Again, big difference. The Yetta website is now down. Then, in 2019, [Hubbard launched another crypto -- a globally decentralized fiat stablecoin called Yubi](. Yubi is also defunct. Consider the logos of these three projects. Here’s UMU: [pub] Here’s Yetta: [pub] And here’s Yubi logo at the top of the coin: [pub] So it seems… Yetta was rebranded to Yubi, which was then rebranded as UMU and Unicoin. President Biden just dug his own grave He killed the Keystone XL pipeline project which was expected to carry 830,000 barrels per day of Alberta oil sands crude to Nebraska… He put sanctions on Russia that ultimately strengthened their relationship with China... Then began to freeze all decisions about new federal oil and gas drilling. The repercussions of [these decisions are about to hit America hard]( in the coming weeks thanks to the recent OPEC+ cuts. I just detailed my summer playbook on how to prepare & profit from Biden’s latest blunder. [Click here to watch my short presentation now.]( What is the DCMA, Really? The DCMA describes itself as a private organization that advocates for the advancement of digital currencies. Elsewhere, on the Unicoin [website]( it says it’s a “membership organization funded by banks and financial institutions and does not accept private investment.” Its address leads to a co-working space in D.C. And yet… Officially, there are no confirmed partners. And the DCMA is unable to confirm which countries it’s working with. “The DCMA is under NDA with these economies,” Hubbard recently told BeInCrypto. “However, our access is either to central bank governors or finance ministers. I can disclose our largest commitments are with the African Union, who are introducing us to all governors on the continent. Because of politics, we’ve been asked to keep participation economies under NDA. In the near future, we will be able to disclose our partners.” At the very least, this tells us that there’s no deal with the IMF. Looks Like a Dud The UMU whitepaper, published today, dives into the specifics behind UMU and the historical context. (You can read it on the [website]( [ALC] But it does little to bolster the project’s legitimacy. Outside of the whitepaper… [DCMA’s website is incredibly vague and basic](. We find almost every crypto claim under the Sun. It feels like they’re throwing spaghetti on the wall and seeing what sticks. The wallet is also incredibly basic, slow, and confusing. Far from what you’d expect from a “CBDC’s CBDC.” Maybe I’m missing something here… but this looks far from “Crypto 2.0”... If you’re worried about CBDCs… Don’t worry about this. Until tomorrow, [Chris Campbell] Chris Campbell For Altucher Confidential --------------------------------------------------------------- Secret Gold Back currency RUINING Biden’s plans for a digital dollar? 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