IMF and World Bank Launch Educational Token ‘’Learning Coin’’
The international Monetary Fund (IMF) and the World Bank have jointly launched a private blockchain and a crypto token called ‘’Learning Coin’’ to teach their staff how blockchain technology works. The learning coin is a quasi-cryptocurrency, meaning it does not have any value and is inaccessible to the public, the asset will be accessible only within the IMF and World Bank.
According to the Financial Times, the ‘’Learning Coin’’ was launched in order to better understand the blockchain technology. Its app will serve as a hub for knowledge where blogs, research and presentations will be stored. The staff will be able to learn about blockchain in a bias-free environment within the app. The staff will gain ‘’Learning Coins’’ after reaching a certain ‘’educational milestone’’ which they might be able to redeem for rewards, according to the IMF statement.
“The development of crypto-assets and distributed ledger technology is evolving rapidly, as is the amount of information (both neutral and vested) surrounding it,” the IMF said. “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 news comes 4 days after IMF chief Christine Lagarde had warned that cryptocurrencies could be the catalyst to shake up the banking and finance industries. Legarde had also warned Fintech companies, that they should be subject to regulation: “They will have to be held accountable so that they can be fully trusted” she said. There have already been numerous news of companies trying to dip their toes in the blockchain industry and some exploring the possibility of launching their own digital currencies. One notable example is the social media giant Facebook.