IMF and World Bank Launch Blockchain-Based Learning Coin For Internal Training Purposes

Usually, we see that most financial authorities and leading institutions express a typical cynicism about cryptocurrencies in general. However, it seems those barriers are finally beginning to come down as two of the topmost international financial institutions: International Monetary Fund (IMF) and the World Bank, have decided to dip their toes in the world of cryptocurrency. The two have come up with a semi-cryptocurrency that is based on a private blockchain network.

According to reports, the World Bank and the IMF have launched this coin, called the Learning Coin, building it out on a private blockchain. However, one must note that this is only a quasi- crypto coin, as it has no monetary value and cannot be traded on the crypto market in the same way that say, a Bitcoin can.

As per what the IMF had to say, the Learning Coin has been developed primarily to help them understand what blockchain technology is and how it can translate to real life use cases. The proposed virtual asset of sorts will be used only by the IMF and the World Bank themselves. Specifically, those employed in these institutions will be working closely with the newly devised Learning Coin to understand how the blockchain and crypto systems generally work, ranging from blockchain smart contracts to hurdles faced by these cryptocurrencies.

Interestingly, these two organizations have decided to incentivize the process whereby their employees will learn about and understand the whole crypto-blockchain ecosystem. They will be rewarded with these very Learning Coins for successfully completing preset educational milestones. These coins earned by them can eventually be redeemed for other rewards. The app developed for this purpose will contain a lot of educational content, including blog articles, video explanations, presentations and research materials.

On this development, the statement issued by the IMF read:

“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.”