Copy link
Increase text size
Decrease text size
Link copied

IMF and World Bank launch “Learning Coin” to better understand blockchain and crypto assets

Mon, 15 Apr 2019, 06:30 am UTC

Two international financial institutions – the International Monetary Fund (IMF) and the World Bank – are the latest to jump on crypto and blockchain bandwagon.

In a report dated April 13, the Financial Times said that the organizations have launched a private blockchain and quasi-cryptocurrency as part of their efforts to better understand this technology.

Dubbed “Learning Coin,” the asset is not a real cryptocurrency like bitcoin and would have no monetary value. Importantly, it could be accessed only within the IMF and the World Bank.

In a statement, the IMF said that the project aims to bridge the quickly widening knowledge gap brought about by the rapid evolution of the technology.

“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,” it said.

“This project begins to bridge that gap and form a strong knowledge base of the technology among IMF and World Bank staff.”

According to the report, the development of Learning Coin has helped the staff of these organizations familiarize themselves with the principles and concepts related to distributed ledgers, crypto assets, smart contracts, and associated challenges like money laundering.

The IMF said that the Learning Coin app would act as a knowledge hub, hosting their content such as blogs, research, videos and presentations. The app is a prototype that will aim to bring to the forefront, both the positives and the negatives of this technology.

World Bank and IMF staff completing certain educational milestones would be able to “earn” Learning Coins. Although it has no monetary value, developers are currently testing how staff can redeem Learning Coins for some kind of rewards. This, in turn, will enable the World Bank and the IMF to better understand potential real-life use cases of crypto assets.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,286.86 (+0.55%)
  • Ethereum (ETH) $144.69 (-0.18%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $212.04 (+1.91%)
  • Litecoin (LTC) $44.43 (+0.89%)
  • Bitcoin (BTC) $7,286.86 (+0.55%)
Dec 14, 2019 (Saturday)
05:44
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
12:50
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:25
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
11:24
Terra launches stablecoin-powered payments service in Mongolia
10:37
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
10:22
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
08:55
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
08:55
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
07:49
Twitter looks to blockchain to decentralize social media
07:03
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
06:22
ING bank developing custody project for digital assets: Report
06:18
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
05:28
Franklin Templeton leads blockchain-based social impact platform’s funding round
04:58
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
04:44
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
04:33
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
04:33
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
03:24
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
03:23
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft