Monday, May 29, 2023

Unicoin: Towards A Global Digital Currency

by Rich Peterson

Following the Windows Central announcement of ID2020, I had read of various types of identity management systems deployed throughout various countries.  The Windows Central article indicated that the ID2020 system would be global.  It would also integrate into a global economic system.

 “As more and more transactions become digital in nature and are built around a single global identification standard, supported by Microsoft, the question of who will govern this evolving global community and economy becomes relevant. Especially since nonparticipants in this system would be unable to buy or sell goods or services.

One aspect I questioned is how would different countries having their own digital identity systems integrate into this same global economic system. The answer I found was with the World Bank. World Bank developed an application programming interface (API) to function as overlay for all the identity management systems.   

I similarly questioned monetary policy which would have far greater implications and complexities. I’ve long read of the plan is to replace fiat currency with central bank digital currencies.  Former National Security Advisor Condoleezza Rice is a strong advocate for the United States’ development of a digital currency, the premise being it serves our national security.  To Rice’s credit she acknowledges there are  authoritarian dangers, nevertheless she believes the government would refrain from such behavior.

Last month the Digital Currency Monetary Authority announced Unicoin which similarly would overlay, or integrate, monetary units. More coverage here, here, and here.

Given the BRICS nations are working to dislodge the US dollar as the world currency reserve, an overlay to the world’s digital currencies would serve as rationale to unify various digital currencies.   More on BRICS here.

The backbone of digital currency is blockchain technology where every transaction is permanently recorded. Rather than me writing of the dangers of such system, I recommend listening to the below video (the conversation on the DCMA follows minute 10). I fully agree with this man’s analysis.