- The IMF and World Bank launch a joint blockchain educational project.
- Learning Coin will be a quasi cryptocurrency as it will have no monetary value.
The two global financial agencies The International Monetary Fund and the World Bank want to gain insights into how blockchain and cryptocurrencies work. To get a better understanding of the subject, they launched a private blockchain and quasi-cryptocurrency called “Learning Coin”, the Financial Times reports.
The representatives of the World Bank and the IMF made it clear that the coin should not be regarded as a true cryptocurrency as it would not have a monetary value. Also, the “Learning Coin” will be accessible only within the two agencies as it is created to help the staff become familiar with the distributed ledgers, look into possible use cases of smart contracts and spot potential risks relating to money laundering and financing terrorism.
“The development of crypto-assets and distributed ledger technology is evolving rapidly, as is the amount of information (both neutral and vested) surrounding it. This is forcing central banks, regulators and financial institutions to recognize a growing knowledge gap between the legislators, policymakers, economists and the technology. This project begins to bridge that gap and form a strong knowledge base of the technology among IMF and World Bank staff,” the IMF explained in an accompanying statement.
The World Bank and IMF staff will “earn” Learning Coins by achieving some educational milestones. While the coin has no real value, the developers want to make it redeemable for some kind of rewards.
The World Bank and IMF emphasised that this project should not be regarded as a way to promote cryptocurrencies as it is focused on knowledge and educational aspects.
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