According to a recent report from the Financial Times – the International Monetary Fund and the World Bank have launched a private blockchain and quasi-cryptocurrency known as “Learning Coin” to understand the real world application of the blockchain technology.
“Learning Coin” will only be available within the IMF and the World Bank. The sole purpose to launch this cryptocurrency is to understand and explore the potential power within the blockchain technology. The coin has no monetary value and should not be treated as a cryptocurrency like Bitcoin – FT Reports.
IMF explained that its development has helped their staff to have a better understanding of the distributed ledgers, use of smart contracts and its transparency, and bads, such as money laundering, of this technology.
The Fund said the Learning Coin app will serve as a hub where blogs, research, videos and presentations are stored. Learning Coins will be given as rewards to the IMF and the World Bank staff for achieving certain educational milestones.
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.