Learning Coin: IMF, World Bank launches crypto tokenDate: 18 April 2019 Tags: Banking Laws & Regulations
International Monetary Fund (IMF) and World Bank have together launched private blockchain with pseudo-token called Learning Coin. It is only accessible within IMF and World Bank. Its purpose is to teach relevant individuals within the organizations about blockchain.
It has no real value- hence the description pseudo-token. Its purpose is to get IMF and World Bank employees to understand applications of blockchain technology in the real world. Their staff members who pass educational milestones will receive tokens which can then be redeemed for certain rewards.
The development of crypto-assets and distributed ledger technology is evolving rapidly along with amount of information (both neutral and vested) surrounding it. This has forced central banks, regulators and financial institutions to recognize growing knowledge gap between legislators, policymakers, economists and the technology. Recently IMF in its report had showed that over 40 central banks across world had conducted extensive research and/or launched blockchain initiatives, indicating increased interest from established entities across world who are hoping to leverage strengths of blockchain technology for their own firms. IMF Managing Director, Christine Lagarde also had quoted that cryptocurrencies are “clearly shaking the system”.