BREAKING - IMF Launching New GLOBAL Cryptocurrency (To Destroy Bitcoin - !) - YouTube PDF

18/04/2023, 03:08 (462) BREAKING: IMF Launching New GLOBAL Cryptocurrency (to Destroy Bitcoin?!
) - YouTube
2023
0:00 leaders from the World
Bank and
0:01 international monetary

fund are
0:03 gathering in
Washington for their
spring
0:04 meetings this week the

annual events
0:06 attract a variety of

world economic
0:08 leaders from Bankers

and corporate
0:10 Executives to ministers

of finance and
0:12 leading academics

breaking news if you
0:15 hold cryptocurrency

the international
0:17 monetary fund just

announced a new
0:21 Global Currency

known as the universal
0:23 monetary unit to

transform the world
https://www.youtube.com/watch?v=GHxvB71qufo 1/16
18/04/2023, 03:08 (462) BREAKING: IMF Launching New GLOBAL Cryptocurrency (to Destroy Bitcoin?!) - YouTube
0:26 economy so this was

an announcement at
0:28 the imf's spring

meetings 2023 and
this
0:32 Universal monetary

unit also known now
0:35 as unicoin is an
international Central
0:38 Bank digital currency

that has been
0:40 designed to work in

conjunction with all
0:43 existing National

currencies a lot of
0:45 people aren't familiar

with what the
0:46 World Bank and the

IMF actually do what
0:48 is their role in the

global economy yeah
0:50 well these institutions

were set up at
0:52 the end of World War II

they were part
0:54 of the Allied effort to

design an
0:58 International System

that in theory
1:01 would contribute to a

more peaceful
1:04 stable world uh and

day to day the IMF
1:08 really is sort of the

Watchdog on the
1:11 financial beat this is

the imf's direct
What is Universal Monetary Unit (UMU)?

1:15 response to the rise of
crypto Universal
1:18 monetary unit or umu

is symbolized by
1:21 ANSI character U with

two little dots is
1:24 illegally a money

commodity can
transact
1:27 in any legal tender

settlement currency
1:29 and functions like a

cbdc to enforce
1:33 banking regulations

and to protect the
1:36 financial Integrity of

the international
1:38 banking system xrp

Community how we
1:42 feeling a new Global

Bridge competitor
1:44 well umu is going to be

fully
1:48 interoperable with the

traditional
1:50 system Banks can

attach Swift codes and
1:53 bank accounts to a

umu digital currency
1:56 wallet and transact

swift-like
1:58 cross-border payments

over digital
2:01 currency rails

completely bypassing
the
2:04 correspondent banking

system at best
2:06 priced wholesale FX

rates and with
2:09 instantaneous real-

time settlement and
Is This the “XRP Killer”?

2:12 looking back at an
interview from the
2:14 imf's own Tobias

Adrian Tobias is the
2:17 financial counselor at

the IMF back in
2:20 2020 Tobias stated

that the traditional
2:23 system for payments is

outdated and
2:26 something like Ripple

is a solution and
2:28 you know a large part

of the population
2:31 in the world doesn't

have access to bank
2:33 accounts and even if it

does have access
2:35 to bank accounts

those are extremely
2:37
expensive it's
expensive to make
2:39 payments
requirements
International
2:41 payments
2:42 so I think one of the

big motivations
2:45 for this new technology

right because
2:47 Augustine is asking

why is that there's
2:51 huge financial

exclusion and these
2:53 technologies have

proven to increase
2:55 Financial inclusion

enormously so I
2:57 think you have to look
2:58 broadly around the

world
3:01 uh I think this is one

motivation and I
3:03 think the the rebel

example is one
3:05
example or you know

and Norman has
3:07 talked about that is

that International
3:09 payments are very

expensive and the
3:12 structure is not very

well built so back
3:15 in 2020 the xrp

community loved this
3:18 hailing to bias a

statement as potential
3:21 future adoption cut to

an interview with
3:24 Tobias at the

beginning of this year
3:26 Tobias was telling us

that the IMF was
3:29 concerned about

crypto as it could be
3:32 used to evade money

laws you know one of
3:34 the things one of the

deciding factors
3:37 that the FED cited uh

in in some of
3:40 those uh decisions

was the difficulty to
3:44 enforce
3:46 um anti-money
laundering laws right
3:49 um I mean you must

be able as as an
3:52 institution to make

sure that what's
3:55 going on uh is is legal

right is is is
3:59 is you know and and

that is very
4:01 difficult to do uh in in a
world where
4:05 transactions are

fundamentally
Anonymous
4:08 um and and so that's a

fundamental clash
4:10 in between you know

traditional banking
4:13 regulatory approaches

and and the crypto
4:16 world and you know

it's uh you know I
4:19 think Regulators will

not be at ease
4:22 unless there's a

solution uh to this
4:26 anti-money laundering

and terrorist
4:28 financing problem uh

so basically you
4:30 know making sure that

so so Banks you
4:33 know spend a lot of

resources making
4:35 sure that their

transactions are are
4:38 legal right and and that

that is just
4:41 you know

fundamentally at odds
with the
4:44 design of of crypto that

of course was
How Big Will UMU Become..?

4:47 from earlier this year
and now finally
4:49 in the most recent

direct quote from
4:51 Tobias cross-border

payments can be slow
4:55 expensive and risky

but imagine if a
4:58 multilateral platform

existed that could
5:01 improve cross-border

payments at the
5:03 same time

transforming foreign
exchange
5:06 transactions risk

sharing and more
5:08 generally Financial

Contracting so again
5:11 the IMF wants this

Universal monetary
5:14 unit to be the new

global settlement
5:17 layer for all currencies

so Global but
5:20 also working in the

localized
5:22 jurisdictions adopting a

global
5:25 localization public

monetary system
5:27 architecture
5:28 umu can be configured

to operate
5:31 according to the

central bank regulation
5:33 of each participating

jurisdiction
5:35 meaning the aim of

this isn't to replace
5:38 existing Sovereign

Nation currencies the
5:41 aim is to strengthen

them
5:43 umu is not attempting

to disrupt the
5:46 international monetary

system in fact it
5:48 strengthens it by
helping the IMF
5:51 achieve its stated

mandate to provide
5:53 economic and financial

stability to its
5:56 members States

5:58 umu is a game

changer in how
6:01 cross-border payments

are transactions
6:03 and mitigates against

seasonal and
6:06 systemic local

currency depreciation
now
6:09 keep in mind that this

has just been
6:10 proposed by the IMF it

has not been put
6:13 into law yet but in this

proposed
6:16 legislation here are

some of those
6:18 details
6:19 in this proposed

legislation
6:21 umu should not be

enacted as a legal
6:24 tender for negotiating

domestic prices
6:26 or international trade

agreements
6:28 instead the legislation

proposes
6:31 umu be enacted as a

complementary money
6:34 commodity for the

store of value
6:36 mitigating against

potential seasonal
6:39 and systemic local

currency depreciation
6:41 and tendered as

payment currency at
the
6:44 time of settlement so

they see this as
Bitcoin vs XRP vs UMU

6:47 what all domestic
currencies will
6:50 eventually be settled

into now the
6:52 Bitcoin Believers will

tell you that
6:54 Bitcoin should be that

store value the
6:57 xrp supporters would

have told you that
6:59 xrp was meant to be

that settlement
7:01 layer in my opinion

these are the
7:03 regulatory lines in the

sand for crypto
7:06 that we've been

discussing for a while
7:08 on this channel

meaning that
7:09 permissioned
centralized regulated
7:12 cryptocurrencies are

not going away in
7:15 fact they're only

getting bigger just
7:17 like decentralized

open permissionless
7:20 cryptocurrencies are

not going away
7:22 they're only getting

bigger Universal
7:25 monetary unit is

cryptocurrency
7:27 reimagined from the

ground up to support
7:30 Central Banking and

regulated financial
7:32 institutions it features a

trusted
7:35 consensus protocol

staked proof of trust
7:38 spot protocol and

multi-dimensional DLT
7:42 distributed Ledger

technology or
7:44 liability Ledger

enabling full service
7:46 digital Banking and

international trade
7:49 payments this is being

introduced as
7:52 crypto 2.0 the bearish

case for this is
Bearish Case vs Bullish Case

7:56 just like China's cbdc
this will be a
7:59 way for the haves to

better control the
8:01 have-nots for the

government to better
8:04
control the citizens the

bullish case
8:06 for this this is a direct

advertisement
8:09 Why We need Bitcoin

why we need
ethereum
8:12 and while every

average person over
8:15 these next few years

will have to learn
8:17 okay what is this univ

personal monitor
8:20 unit how is it different

than Bitcoin
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18/04/2023, 03:08 (462) BREAKING: IMF Launching New GLOBAL Cryptocurrency (to Destroy Bitcoin?!

0:01 international monetary

0:04 meetings this week the

0:06 attract a variety of

0:08 leaders from Bankers

0:10 Executives to ministers

0:12 leading academics

0:15 hold cryptocurrency

0:17 monetary fund just

0:21 Global Currency

0:23 monetary unit to

0:26 economy so this was

0:28 the imf's spring

0:32 Universal monetary

0:38 Bank digital currency

0:40 designed to work in

0:43 existing National

0:45 people aren't familiar

0:46 World Bank and the

0:48 is their role in the

0:50 well these institutions

0:52 the end of World War II

0:54 of the Allied effort to

0:58 International System

1:01 would contribute to a

1:04 stable world uh and

1:08 really is sort of the

1:11 financial beat this is

What is Universal Monetary Unit (UMU)?

1:18 monetary unit or umu

1:21 ANSI character U with

1:24 illegally a money

1:27 in any legal tender

1:29 and functions like a

1:33 banking regulations

1:36 financial Integrity of

1:38 banking system xrp

1:42 feeling a new Global

1:44 well umu is going to be

1:48 interoperable with the

1:50 system Banks can

1:53 bank accounts to a

1:56 wallet and transact

1:58 cross-border payments

2:01 currency rails

2:04 correspondent banking

2:06 priced wholesale FX

2:09 instantaneous real-

Is This the “XRP Killer”?

2:14 imf's own Tobias

2:17 financial counselor at

2:20 2020 Tobias stated

2:23 system for payments is

2:26 something like Ripple

2:28 you know a large part

2:31 in the world doesn't

2:33 accounts and even if it

2:35 to bank accounts

2:42 so I think one of the

2:45 for this new technology

2:47 Augustine is asking

2:51 huge financial