IMF And World Bank Launches Private Blockchain To Explore The Technology
The International Monetary Fund (IMF) and the World Bank have partnered to launch a private blockchain and its subsequent native token quasi-cryptocurrency, as reported by the Financial Times (FT) on April 12.
As per the publication, the asset called “Learning Coin” will only be accessible to the IMF and World Bank. The FT further underlines that the coin has no monetary value and thus is not a real cryptocurrency.
“The Learning Coin”
Further elaborating over the “Learning Coin”, FT states that it is focussed at increasing their understanding of the technologies that underlie crypto assets. The app will be a platform where blogs, research, videos, and presentations are stored.
The employees of the World Bank and IMF will earn coins for achieving certain educational milestones. These assets would be later redeemed for some rewards by the institutions. In a way, it will further allow the staff to learn how coins can be used in real life.
According to IMF, with the cryptocurrency ecosystem evolving rapidly, the banks and regulators across the world requires to get on the wagon. The FT quotes the IMF as saying:
“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.”
Embracing blockchain and cryptocurrencies
Reportedly, after the tests, the World Bank and IMF will purportedly launch smart contracts, combat money laundering and enhance the overall level of transparency. IMF managing director Christine Lagarde stated earlier this month that blockchain innovators are making a notable mark against the traditional financial world, including a clear impact on incumbent players.
She went on to note that regulators and central banks are starting to realize the potential of blockchain-based technologies and assets and are embracing their positive effects.
As for the World Bank Aanchal Anand, a Land Administration Specialist in the bank’s Global Land and Geospatial Unit seems to carry a skeptical outlook. Per her, there is too much hype over blockchain, which causes unrealistic expectations.
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