The Financial Times reported that the International Monetary Fund (IMF) and the World Bank jointly issued a private blockchain and a so-called cryptocurrency.
According to reports, the asset is called “Learning Coin” and is only circulated within the International Monetary Fund and the World Bank. The Financial Times stressed that the coin may not have monetary value and therefore does not belong to the real cryptocurrency.
As the Financial Times understands, "Learning Coin" was introduced to better understand the underlying technology of cryptographic assets. Its application will serve as a data center for blogs, research, videos, and presentations.
During the test period, the staff of the World Bank and the International Monetary Fund will receive a certain number of “Learning Coins” after reaching certain educational objectives. Staff can use these currencies to redeem certain rewards, which will enable them to understand how to use this type of cryptocurrency in real life.
According to the International Monetary Fund, banks and regulators around the world must catch up with the rapidly evolving encryption technology. The Financial Times quoted the IMF as saying:
“Encrypted assets and distributed ledger technology are rapidly evolving, and the amount of information surrounding it is growing. This is forcing central banks, regulators, and financial institutions to recognize the growing gap between legislatures, policy makers, economists, and technology. Knowledge gap."
In addition, after testing, it is reported that the World Bank and the International Monetary Fund may use blockchain to launch smart contracts to combat money laundering activities and improve overall transparency.
In early April, Christine Lagarde, president of the International Monetary Fund, said that blockchain innovators are shaking off the traditional financial world and have a significant impact on industry players. She also pointed out that regulators and central banks have recognized the positive impact of blockchain-based technologies and assets and are actively embracing them.
But at the same time, a World Bank official expressed doubts about the technology. According to Aanchal Anand, a land management expert at the bank's global land and geospatial division, too much hype around the blockchain has led to unrealistic expectations for the technology.