April 15, 2019, | AtoZ Markets - The IMF and the World Bank have announced launching their "learning coin", a World Bank learning crypto coin that should help understand the blockchain and cryptocurrency better.
The coin improves understanding digital assets.
According to the press, the World Bank and the International Monetary fund have launched a private blockchain and quasi-cryptocurrency to improve the understanding technology of the digital assets.
These two international financial institutions are among the last large organizations that have entered the digital assets space. As the media reports, the so-called World Bank “learning crypto coin” is not a real cryptocurrency, like bitcoin, and not backed by any fiat currency or asset.
Along with the user’s educational part, IMF launch learning crypto coin has another serious motive. The blockchain and cryptocurrency technologies are developing at an accelerated pace and banks and regulators must catch up with it.
World Bank's and IMF's staff under training
According to the report, the IMF launch learning crypto coin helped employees of both organizations become familiar with the principles and concepts of crypto assets, smart contracts and related problems, such as money laundering.
The IMF, on its turn, stated that what they have in common with World Bank learning crypto coin application will serve as a knowledge hub for educational content, such as blogs, research, videos, and presentations. The application is a prototype that will strive to show both the positive and negative sides of the blockchain technology and cryptocurrency.
Employees of the World Bank and the IMF, having passed certain stages of training, will be able to “earn” training coins. Developers are currently testing how the World Bank and the IMF employees can use World Bank learning crypto coin to get some rewards.
IMF considers blockchain seriously
The International Monetary Fund as an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. In the recent statement, reasoning their initiative to launch learning coin, the IMF stated :
“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 media also reported that, after completing the test, the IMF could launch a system of smart contracts and use blockchain technology to combat money laundering and increase the transparency of banking. This gives a hint that the IMF is serious about blockchain technology.
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