IMF, World Bank Unveil Quasi-Cryptocurrency To Have Better Understanding of Blockchain Tech
The Financial Times has reported that the World Bank and International Monetary Fund (IMF) have partnered together to introduce a quasi-crypto functioning on a private blockchain.
The crypto, dubbed “Learning Coin” can be accessed only within the premises of World Bank and the IMF.
Obviously, as the name indicates, the crypto has no monetary value and therefore cannot be perceived as a real cryptocurrency.
The crypto is launched for a better understanding of the technologies that form the basis of digital assets. In this regard, the app will function as a center where research, videos, blogs and presentations are made available.
During the trial period, the IMF and World Bank staff will receive coins for reaching some critical educational milestones. The institutions will permit them to redeem the coins, making it easy for the employees to understand how the coins can be spent in real world.
According to the IMF, the banks and regulators across the globe have a lot to do to reach the pace at which the disruptive technology is advancing. IMF says
“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.”
Following the trial, the World Bank and IMF may use blockchain to introduce smart contracts, fight money laundering and improve the transparency level. Back in April, Christine Lagarde, IMF managing director, said that innovators in blockchain sector are transforming the conventional financial domain in a drastic manner.
She also pointed out that blockchain based technologies and digital assets are adopted by central banks and regulators, who have understood its positive impact.
In the meantime, a World Bank official has voiced a cynic view about blockchain. Aanchal Anand, a Land Administration Specialist in the bank’s Global Land and Geospatial Unit, is of the opinion that there is too much ballyhoo about blockchain, leading to impractical expectations.