World Bank and IMF Launch Private Blockchain and Cryptocurrency

The IMF and World Bank Partner to Launch Quasi-Cryptocurrency

Two of the world’s renowned financial institutions, the International Monetary Fund (IMF) and World Bank have launched a test blockchain and quasi-cryptocurrency called ‘Learning Coin (LC)’ with an aim to understand the emerging technology and industry.

According to both institutions, the “Learning Coin” will be for use between the World Bank and the IMF and will not be accessible to the public as it would have no monetary value, hence not a real cryptocurrency like bitcoin.

The development of this coin and its blockchain is to provide a sample cryptocurrency that allows staff get familiar with concepts like distributed ledgers (blockchain), crypto assets, crypto use cases like smart contracts and many more. Also, the project aims to understand how cryptocurrency could be used in real life, enhance transparency as well as how institutions could curtail possible challenges like money laundering.

An official statement by the IMF reads:

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, policy makers, 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.

Detailing further, the IMF says the Learning Coin will have an app which would serve as a hub for knowledge around the industry, as it would host content like blogs, research, videos and more. Benefits for staff will also apply as those who achieve educational milestones in this regard will earn Learning Coins which according to the developers will overtime be redeemable for some kind of rewards.

In all, the quasi-crypto project and app are prototypes to show the benefits and possible challenges of cryptocurency and its underlying technology, without hype or uninformed criticism just as the IMF continues to keep tabs on the cryptocurrency industry.

For the public, the project will serve as a clear knowledge bridge for information related to this rapidly developing industry.

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