The International Monetary Fund (IMF) said in a statement to CryptoSlate that it was not involved in an alleged CBDC named Unicoin.
IMF denies involvement with Unicoin
On April 10, the Digital Monetary and Monetary Authority (DCMA) announced a central bank digital currency called the Universal Monetary Unit (UMU) or Unicoin.
The IMF has denied all connections to the project, stating:
“IMF is not involved in DCMA or Unicoin.”
DCMA’s original press release The IMF admits that it “does not officially recognize the universal currency unit.” Rather, the IMF said it only reviewed project white papers and did not dispute specific project details.
The confusion over the relationship between the IMF and Unicoin is likely due to the fact that the DCMA announced the launch of Unicoin during the IMF Spring Meetings.
This link has led to various sources suggesting that the IMF was directly involved in the creation of the asset. In a subsequently edited April 10 headline, news site Kitco says The IMF itself was responsible for “unveiling” Unicoin.
Similar language was used in the headlines of other well-known sites such as Investing.com, Altcoin Investor and ZeroHedge.
Unikoin has few notable connections
Unicoin does not appear to have been issued by any central bank, despite DCMA’s alleged involvement with the government.
Despite its name, the DCMA claims to work with authorities, not state authorities. As such, Unicoin is more accurately described as a private stablecoin than a CBDC when it exists in a usable form.
Additionally, the company appears to have been founded only a few years ago. Despite its self-proclaimed status as a “world leader,” there are few notable connections.
A post denying the IMF’s alleged CBDC involvement first appeared on CryptoSlate.
