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The International Monitory Fund (IMF) and the World Bank have unitedly announced the launch of a private blockchain and cryptocurrency named “Learning Coin.” The goal of this crypto initiative is to educate the staff members of both the IMF and the World Bank with various concepts of blockchain and digital currency.
Since their inception, blockchain and cryptocurrencies have been some of the most complex terms to understand and grasp completely; that’s what might be pushing it back from mass adoption by the general public. However, the world’s leading organizations are on the verge of changing the trend and boost blockchain and digital currency adoption. Recently, the International Chamber of Commerce has partnered with the Singapore-based blockchain firm Perlin, so its 45 million business entities across 130 countries could benefit from it. Obviously, it is one of the boldest steps that can accelerate global blockchain adoption at a much faster pace. Now, the World Bank and the IMF have also started exploring this underlying technology of cryptocurrencies and taken a step forward towards it.
Learning Coin is a partial cryptocurrency and has some of its characteristics, at least to a certain extent; that’s what it has been called a quasi-cryptocurrency. According to the Financial Times, Learning Coin will only be available to the World Bank and the IMF staff, and not accessible to the public, which negates its monetary value and is therefore not a real cryptocurrency like Bitcoin.
As per the IMF, the development of Learning Coin and their private blockchain has helped its staff members to get well-familiar with various concepts associated with blockchain and digital assets. The staff has relatively come to know the various use cases of smart contracts and enhanced transparency, and how blockchain can combat illicit activities of money laundering.
In a statement, the IMF said:
“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 IMF will also launch Learning Coin app which will serve as “hub for knowledge” for its staff members. Achieving the next educational milestones will help staff members to earn Learning Coin as a sort of incentive. “They will have no real value, but the developers are testing how staff can redeem the coins for some kind of rewards,” the statement read. The prototype of the Learning Coin app will thus assist in understanding aspects of blockchain technology.