IMF and World Bank launches a private blockchain to mimic a cryptocurrency. According to Financial Times report the said "cryptocurrency" will be called Learning Coin.
The coin has no money value and thus is not a real cryptocurrency. The main purpose is just to learn the technologies behind crypto assets. According to IMF, the financial institutions across the world have to catch up with blockchain technologies that are rapidly evolving.
“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.”
The purpose of the test, according to World Bank and IMF is that they are exploring blockchain to use in how to launch smart contracts, fight money laundering and improve the level of transparency in all transactions.
For more of the report, please visit: https://finance.yahoo.com/news/imf-world-bank-launch-quasi-110300379.html
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